Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2021	Jul. 30, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	001-11307-01
Entity Registrant Name	Freeport-McMoRan Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	74-2480931
Entity Address, Address Line One	333 North Central Avenue
Entity Address, City or Town	Phoenix
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85004-2189
City Area Code	(602)
Local Phone Number	366-8100
Title of 12(b) Security	Common Stock, par value $0.10 per share
Trading Symbol	FCX
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		1,468,064,383
Entity Central Index Key	0000831259
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 6,313	$ 3,657
Trade accounts receivable	1,100	892
Income and other tax receivables	578	520
Inventories:
Total materials and supplies, net	1,616	1,594
Mill and leach stockpiles	1,006	1,014
Product	1,596	1,285
Other current assets	390	341
Total current assets	12,599	9,303
Property, plant, equipment and mine development costs, net	29,836	29,818
Long-term mill and leach stockpiles	1,473	1,463
Other assets	1,528	1,560
Total assets	45,436	42,144
Current liabilities:
Accounts payable and accrued liabilities	3,106	2,708
Long-term Debt, Current Maturities	1,057	34
Accrued income taxes	919	324
Environmental And Asset Retirement Obligations, Current	334	351
Dividends Payable, Current	111	0
Total current liabilities	5,527	3,417
Long-term debt, less current portion	8,638	9,677
Deferred Income Tax Liabilities, Net	4,486	4,408
Environmental and asset retirement obligations, less current portion	3,721	3,705
Other liabilities	2,129	2,269
Total liabilities	24,501	23,476
Stockholders’ equity:
Common stock	160	159
Capital in excess of par value	26,084	26,037
Accumulated deficit	(9,880)	(11,681)
Accumulated other comprehensive loss	(576)	(583)
Common stock held in treasury	(3,777)	(3,758)
Total stockholders’ equity	12,011	10,174
Noncontrolling interests	8,924	8,494
Total equity	20,935	18,668
Total liabilities and equity	$ 45,436	$ 42,144

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Revenues	$ 5,748	$ 3,054	$ 10,598	$ 5,852
Cost of sales:
Production and delivery	3,067	2,394	5,853	4,939
Depreciation, depletion and amortization	483	358	902	699
Metals inventory adjustments	0	(139)	1	83
Total cost of sales	3,550	2,613	6,756	5,721
Selling, general and administrative expenses	87	91	187	201
Mining exploration and research expenses	14	18	21	34
Environmental obligations and shutdown costs	33	11	38	37
Net (gain) loss on sales of assets	(3)	0	(3)	11
Total costs and expenses	3,681	2,733	6,999	6,004
Operating income (loss)	2,067	321	3,599	(152)
Interest expense, net	(148)	(115)	(293)	(242)
Net loss on early extinguishment of debt	0	(9)	0	(41)
Other income, net	9	20	20	40
Income (loss) before income taxes and equity in affiliated companies’ net earnings	1,928	217	3,326	(395)
Provision for income taxes	(603)	(96)	(1,046)	(36)
Equity in affiliated companies’ net earnings	6	3	4	6
Net income (loss) from continuing operations	1,331	124	2,284	(425)
Net income	1,331	124	2,284	(425)
Net income (loss) attributable to noncontrolling interests	248	71	483	13
Net income (loss) attributable to common stockholders	$ 1,083	$ 53	$ 1,801	$ (438)
Earnings Per Share, Basic and Diluted [Abstract]
Earnings per share, basic (in dollars per share)	$ 0.74	$ 0.03	$ 1.23	$ (0.30)
Earnings Per Share, Diluted	$ 0.73	$ 0.03	$ 1.21	$ (0.30)
Basic weighted-average shares of common stock outstanding	1,467	1,453	1,465	1,453
Diluted weighted-average shares of common shares outstanding	1,483	1,458	1,480	1,453
Dividends declared per share of common stock (in dollars per share)	$ 0.075	$ 0	$ 0.15	$ 0

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 1,331	$ 124	$ 2,284	$ (425)
Defined benefit plans:
Actuarial losses arising during the period	0	0	(1)	0
Amortization of unrecognized amounts included in net periodic benefit costs	4	12	8	24
Foreign exchange gains (losses)	0	4	(1)	(1)
Other comprehensive income	4	16	6	23
Total comprehensive income (loss)	1,335	140	2,290	(402)
Total comprehensive income attributable to noncontrolling interests	(248)	(71)	(482)	(12)
Total comprehensive income (loss)	$ 1,087	$ 69	$ 1,808	$ (414)

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flow from operating activities:
Net income (loss)	$ 2,284	$ (425)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization	902	699
Metals inventory adjustments	1	83
Gain (Loss) on Disposition of Assets	3	(11)
Stock-based compensation	56	43
Net charges for environmental and asset retirement obligations, including accretion	94	112
Payments for environmental and asset retirement obligations	(110)	(119)
Net charges for defined pension and postretirement plans	1	45
Pension plan contributions	(42)	(29)
Net loss on early extinguishment of debt	0	41
Deferred income taxes	79	(28)
Other, net	77	(46)
Changes in working capital and other:
Accounts receivable	(279)	83
Inventories	(299)	168
Other current assets	(12)	(4)
Accounts payable and accrued liabilities	272	(73)
Accrued income taxes and timing of other tax payments	505	(33)
Net cash provided by operating activities	3,470	453
Cash flow from investing activities:
Capital expenditures	(803)	(1,137)
Proceeds from Sale of Other Assets, Investing Activities	16	116
Acquisition of minority interest in PT Smelting	(33)	0
Other, net	(13)	(5)
Net cash used in investing activities	(833)	(1,026)
Cash flow from financing activities:
Proceeds from debt	160	1,585
Repayments of debt	(179)	(1,527)
Cash dividends and distributions paid:
Common stock	(111)	(73)
Noncontrolling interests	(93)	0
Contributions from noncontrolling interests	88	74
Proceeds from exercised stock options	184	1
Payments for withholding of employee taxes related to stock-based awards	(19)	(5)
Payments of Financing Costs	(1)	(31)
Net cash provided by financing activities	29	24
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	2,666	(549)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year	3,903	2,278
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	6,569	1,729
North America Copper Mines Segment [Member]
Cash flow from investing activities:
Capital expenditures	(95)	(332)
South America Mines Segment [Member]
Cash flow from investing activities:
Capital expenditures	(47)	(125)
Grasberg Segment [Member]
Cash flow from investing activities:
Capital expenditures	(624)	(634)
Molybdenum
Cash flow from investing activities:
Capital expenditures	(3)	(11)
Other Segments [Member]
Cash flow from investing activities:
Capital expenditures	(34)	(35)
Cerro Verde Royalty Dispute
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Charges for Cerro Verde royalty dispute	9	15
Payments for Cerro Verde royalty dispute	$ (65)	$ (90)

Consolidated Statement of Equity (Unaudited) - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Capital in Excess of Par Value	Accumulated Deficit	AOCI Attributable to Parent [Member]	Common Stock Held in Treasury	Total Stockholder's Equity	Noncontrolling Interests
Balance (in shares) at Dec. 31, 2019		1,582				131
Balance at Dec. 31, 2019	$ 17,448	$ 158	$ 25,830	$ (12,280)	$ (676)	$ (3,734)	$ 9,298	$ 8,150
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards (in shares)	1
Exercised and issued stock-based awards	$ 1		1				1
Stock-based compensation, including the tender of shares	34		38			$ (5)	33	1
Contributions from noncontrolling interests	74		36				36	38
Net loss attributable to common stockholders	(438)			(438)			(438)
Net income (loss) attributable to noncontrolling interests	13							13
Other comprehensive income	23				24		24	(1)
Balance (in shares) at Jun. 30, 2020		1,583				131
Balance at Jun. 30, 2020	17,155	$ 158	25,905	(12,718)	(652)	$ (3,739)	8,954	8,201
Balance (in shares) at Mar. 31, 2020		1,583				131
Balance at Mar. 31, 2020	16,963	$ 158	25,875	(12,771)	(668)	$ (3,739)	8,855	8,108
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation, including the tender of shares	10		9				9	1
Contributions from noncontrolling interests	42		21				21	21
Net loss attributable to common stockholders	53			53			53
Net income (loss) attributable to noncontrolling interests	71							71
Other comprehensive income	16				16		16	0
Balance (in shares) at Jun. 30, 2020		1,583				131
Balance at Jun. 30, 2020	17,155	$ 158	25,905	(12,718)	(652)	$ (3,739)	8,954	8,201
Balance (in shares) at Dec. 31, 2020		1,590				132
Balance at Dec. 31, 2020	$ 18,668	$ 159	26,037	(11,681)	(583)	$ (3,758)	10,174	8,494
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards (in shares)	11
Exercised and issued stock-based awards	$ 184	$ 1	183				184
Stock-based compensation, including the tender of shares (in shares)						1
Stock-based compensation, including the tender of shares	20		43			$ (19)	24	(4)
Contributions from noncontrolling interests	88		43				43	45
Dividends	(315)		(222)				(222)	(93)
Net loss attributable to common stockholders	1,801			1,801			1,801
Net income (loss) attributable to noncontrolling interests	483							483
Other comprehensive income	6				7		7	(1)
Balance (in shares) at Jun. 30, 2021		1,601				133
Balance at Jun. 30, 2021	20,935	$ 160	26,084	(9,880)	(576)	$ (3,777)	12,011	8,924
Balance (in shares) at Mar. 31, 2021		1,597				133
Balance at Mar. 31, 2021	$ 19,573	$ 160	26,080	(10,963)	(580)	$ (3,777)	10,920	8,653
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards (in shares)	4
Exercised and issued stock-based awards	$ 78		78				78
Stock-based compensation, including the tender of shares	13		14				14	(1)
Contributions from noncontrolling interests	47		23				23	24
Dividends	(111)		(111)				(111)
Net loss attributable to common stockholders	1,083			1,083			1,083
Net income (loss) attributable to noncontrolling interests	248							248
Other comprehensive income	4				4		4	0
Balance (in shares) at Jun. 30, 2021		1,601				133
Balance at Jun. 30, 2021	$ 20,935	$ 160	$ 26,084	$ (9,880)	$ (576)	$ (3,777)	$ 12,011	$ 8,924

General Information (Unaudited)	6 Months Ended
General Information (Unaudited)	Jun. 30, 2021
General Information [Abstract]
General Information	GENERAL INFORMATION The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all information and disclosures required by generally accepted accounting principles (GAAP) in the United States (U.S.). Therefore, this information should be read in conjunction with Freeport-McMoRan Inc.’s (FCX) consolidated financial statements and notes contained in its annual report on Form 10-K for the year ended December 31, 2020 (2020 Form 10-K). The information furnished herein reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods reported. All such adjustments are, in the opinion of management, of a normal recurring nature. Operating results for the six-month period ended June 30, 2021, are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. Trade Accounts Receivable Agreements. In first-quarter 2021, PT Freeport Indonesia (PT-FI) entered into agreements to sell certain trade accounts receivables to unrelated third-party financial institutions. The agreements were entered into in the normal course of business to fund the working capital for the additional quantity of copper to be supplied by PT-FI to PT Smelting (PT-FI’s 39.5 percent owned copper smelter and refinery in Gresik, Indonesia - see “Acquisition of Minority Interest in PT Smelting” below for further discussion). The balances sold under the agreements were excluded from trade accounts receivable on the consolidated balance sheet at June 30, 2021. Receivables are considered sold when (i) they are transferred beyond the reach of PT-FI and its creditors, (ii) the purchaser has the right to pledge or exchange the receivables, and (iii) PT-FI has no continuing involvement in the transferred receivables. In addition, PT-FI provides no other forms of continued financial support to the purchaser of the receivables once the receivables are sold. Gross amounts sold under these arrangements totaled $135 million in second-quarter 2021 and $188 million for the six-month period ended June 30, 2021. Discounts on the sold receivables totaled less than $1 million during 2021. Acquisition of Minority Interest in PT Smelting. On April 30, 2021, PT-FI acquired 14.5 percent of the outstanding common stock of PT Smelting for $33 million, increasing its ownership interest from 25 percent to 39.5 percent. The remaining shares of PT Smelting continue to be owned by Mitsubishi Materials Corporation. PT-FI has continued to account for its investment in PT Smelting using the equity method since it does not have control over PT Smelting. Subsequent Events. FCX evaluated events after June 30, 2021, and through the date the consolidated financial statements were issued, and took into account events and transactions occurring during this period requiring recognition or disclosure in these consolidated financial statements. On July 26, 2021, FCX’s 56-percent-owned subsidiary, Koboltti Chemicals Holdings Limited, entered into an agreement to sell its specialty cobalt business based in Kokkola, Finland (Freeport Cobalt) to Jervois Mining Limited (Jervois) for $85 million (in cash and Jervois shares) plus net working capital, estimated to approximate $125 million at June 30, 2021. In addition, FCX and its noncontrolling interest partners will have the right to receive up to $40 million in contingent cash consideration based on the future performance of the business. FCX currently estimates its share of the proceeds, excluding contingent consideration, would approximate $100 million cash plus its pro rata 56 percent share of 9.9 percent of Jervois shares. The transaction is subject to the completion of Jervois financing and other customary closing conditions and is expected to close in the third quarter of 2021. FCX expects to record a gain on the transaction. The operating results of Freeport Cobalt are not significant to FCX’s financial statements for the year ended December 31, 2020, or the three- and six-month periods ended June 30, 2021. At June 30, 2021, Freeport Cobalt had total assets of $180 million and total liabilities of $28 million included on FCX's balance sheet. The Freeport Cobalt operations do not represent an operating segment of FCX and did not meet the criteria to be classified as held for sale at June 30, 2021.

Earnings per Share (Unaudited) Earnings per Share (Notes)

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE

FCX calculates its basic net income (loss) per share of common stock under the two-class method and calculates its diluted net income (loss) per share of common stock using the more dilutive of the two-class method or the treasury-stock method. Basic net income (loss) per share of common stock was computed by dividing net income (loss) attributable to common stockholders (after deducting accumulated dividends and undistributed earnings to participating securities) by the weighted-average shares of common stock outstanding during the period. Diluted net income (loss) per share of common stock was calculated by including the basic weighted-average shares of common stock outstanding adjusted for the effects of all potential dilutive shares of common stock.

Reconciliations of net income (loss) and weighted-average shares of common stock outstanding for purposes of calculating basic and diluted net income (loss) per share follow (in millions, except per share amounts):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Net income (loss)	$	1,331	$	124	$	2,284	$	(425)
Net income attributable to noncontrolling interests	(248)		(71)		(483)		(13)

Undistributed earnings allocated to participating securities	(4)		(3)		(4)		(3)







Net income (loss) attributable to common stockholders	$	1,079	$	50	$	1,797	$	(441)


Basic weighted-average shares of common stock outstanding	1,467		1,453		1,465		1,453
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs)	16		5		15		—		a
Diluted weighted-average shares of common stock outstanding	1,483		1,458		1,480		1,453




Basic net income (loss) per share attributable to common stockholders:	$	0.74	$	0.03	$	1.23	$	(0.30)



Diluted net income (loss) per share attributable to common stockholders:	$	0.73	$	0.03	$	1.21	$	(0.30)

a.Excludes approximately 10 million shares associated with outstanding stock options with exercise prices less than the average market price of FCX’s common stock and RSUs that were anti-dilutive.

Outstanding stock options with exercise prices greater than the average market price of FCX’s common stock during the period are excluded from the computation of diluted net income (loss) per share of common stock. Stock options for 4 million shares of common stock in second-quarter 2021, 38 million shares of common stock in second-quarter 2020, 7 million shares of common stock for the first six months of 2021 and 39 million shares of common stock the first six months of 2020 were excluded.

Inventories, Including Long-Term Mill and Leach Stockpiles (Unaudited)

6 Months Ended

Jun. 30, 2021

Inventory Disclosure [Abstract]

Inventories, Including Long-Term Mill and Leach Stockpiles

INVENTORIES, INCLUDING LONG-TERM MILL AND LEACH STOCKPILES

The components of inventories follow (in millions):


	June 30, 2021		December 31, 2020
Current inventories:
Total materials and supplies, neta	$	1,616	$	1,594

Mill stockpiles	$	172	$	205
Leach stockpiles	834		809
Total current mill and leach stockpiles	$	1,006	$	1,014

Raw materials (primarily concentrate)	$	433	$	366
Work-in-process	200		174
Finished goods	963		745
Total product	$	1,596	$	1,285

Long-term inventories:
Mill stockpiles	$	242	$	223
Leach stockpiles	1,231		1,240
Total long-term mill and leach stockpilesb	$	1,473	$	1,463

a.Materials and supplies inventory was net of obsolescence reserves totaling $33 million at June 30, 2021, and $32 million at December 31, 2020.

b.Estimated metals in stockpiles not expected to be recovered within the next 12 months.

FCX recorded net favorable adjustments to increase long-term metals inventory carrying values by $139 million in second-quarter 2020, including an increase to long-term copper inventories ($144 million), primarily related to the reversal of net realizable value adjustments recorded on long-term copper inventories in first-quarter 2020 because of higher copper market prices at June 30, 2020, and a decrease to long-term molybdenum inventories ($5 million) because of lower molybdenum market prices at June 30, 2020. Net realizable value inventory adjustments to decrease metals inventory carrying values totaling $83 million were recorded in the first six months of 2020 associated with lower market prices for copper ($61 million) and molybdenum ($22 million). Refer to Note 9 for metals inventory adjustments by business segment.

Income Taxes (Unaudited)

6 Months Ended

Jun. 30, 2021

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

Geographic sources of FCX’s (provision for) benefit from income taxes follow (in millions):


	Six Months Ended
	June 30,
	2021		2020
U.S. operations	$	(4)	$	58	a
International operations	(1,042)		(94)
Total	$	(1,046)	$	(36)

a.Includes a tax credit of $53 million associated with the reversal of a year-end 2019 tax charge related to the sale of FCX’s interest in the lower zone of the Timok exploration project in Serbia, after considering relevant tax law.

FCX’s consolidated effective income tax rate was 31 percent for the first six months of 2021 and (9) percent for the first six months of 2020. Because FCX's U.S. jurisdiction generated pre-tax losses for the first six months of 2020 that did not result in a realized tax benefit, applicable accounting rules required FCX to adjust its 2020 estimated annual effective tax rate to exclude the impact of U.S. pre-tax losses. Variations in the relative proportions of jurisdictional income result in fluctuations to FCX’s consolidated effective income tax rate.

In connection with the negative impacts of the COVID-19 pandemic on the global economy, governments throughout the world are announcing measures that are intended to provide tax and other financial relief. Such measures include the American Rescue Plan Act of 2021 (ARPA), enacted on March 11, 2021, and the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted on March 27, 2020. None of these measures resulted in material impacts to FCX’s provision for income taxes for the six months ended June 30, 2021 and 2020.

However, certain provisions of the CARES Act provided FCX with the opportunity to accelerate collections of tax refunds, primarily those associated with the U.S. alternative minimum tax. FCX collected U.S. alternative minimum tax credit refunds of $221 million in July 2020, $24 million in October 2020 and $23 million in March 2021. FCX continues to evaluate income tax accounting considerations of COVID-19 measures as they develop, including any impact on its measurement of existing deferred tax assets and deferred tax liabilities. FCX will recognize any impact from COVID-19 related changes to tax laws in the period in which the new legislation is enacted.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Debt and Equity

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Debt and Equity

DEBT AND EQUITY

The components of debt follow (in millions):


	June 30, 2021			December 31, 2020



Senior notes and debentures:
Issued by FCX	$	8,787		$	8,783
Issued by Freeport Minerals Corporation (FMC)	356			356

Cerro Verde Term Loan	524			523

Other	28			49
Total debt	9,695			9,711
Less current portion of debt	(1,057)		a	(34)
Long-term debt	$	8,638		$	9,677

a.Includes $0.5 billion for the 3.55% Senior Notes due March 2022 and $0.5 billion for the Cerro Verde Term Loan due June 2022.

Revolving Credit Facility. At June 30, 2021, FCX had no borrowings outstanding and $8 million in letters of credit issued under its revolving credit facility, resulting in availability of approximately $3.5 billion, of which approximately $1.5 billion could be used for additional letters of credit. Availability under FCX’s revolving credit facility consists of $3.28 billion maturing April 2024 and $220 million maturing April 2023.

In March 2021, FCX delivered a Covenant Reversion Notice (as defined in the third amendment to the revolving credit facility dated June 3, 2020), which provided notification of its election to end the Covenant Increase Period (as defined in the third amendment to the revolving credit facility dated June 3, 2020). As a result, the leverage ratio limit reverted to 5.25x through the quarter ended June 30, 2021 (and will step down to 3.75x beginning with the quarter ending September 30, 2021), and the interest expense coverage ratio minimum reverted to 2.25x. Additionally, following FCX’s election to end the Covenant Increase Period, the additional limits on priority debt and liens, and the provisions related to minimum liquidity and restricted payments (which included restrictions on the payment of common stock dividends) are no longer applicable. At June 30, 2021, FCX was in compliance with its revolving credit facility covenants.

PT-FI Credit Facility. In July 2021, PT-FI entered into a $1.0 billion, five-year, unsecured credit facility (consisting of a $667 million term loan and a $333 million revolving credit facility) to fund project costs in connection with the PT Smelting expansion and construction of a precious metals refinery, and for PT-FI’s general corporate purposes. The term loan allows for borrowings up to $667 million within the first three years, and amortizes in four installments, with 15 percent of the outstanding balance due in January 2025, 15 percent due in July 2025, 35 percent due in January 2026 and the remaining 35 percent due in July 2026. The $333 million revolving credit facility is available for drawings until June 2026. Amounts drawn under the credit facility bear interest at the London Inter-bank Offered Rate plus a margin of 1.875% or 2.125%, as defined by the agreement.

PT-FI’s credit facility contains customary affirmative covenants and representations and also contains standard covenants that, among other things, restrict, subject to certain exceptions, the ability of PT-FI to incur additional indebtedness; create liens on assets; enter into sale and leaseback transactions; sell assets; and modify or amend the shareholders agreement or related governance structure. The credit facility also contains financial ratios governing maximum total leverage and minimum interest expense coverage and certain environmental and social compliance requirements.

Senior Notes. In March 2020, FCX completed the sale of $1.3 billion of senior notes. FCX used a portion of the net proceeds from this offering to purchase or redeem its 4.00% Senior Notes due 2021 and to purchase a portion of its 3.55% Senior Notes due 2022 and the payment of accrued and unpaid interest, premiums, fees and expenses in connection with these transactions. As a result of these transactions, FCX recorded a loss on early extinguishment of debt of $9 million in second-quarter 2020 and $41 million for the six months ended June 30, 2020.

Interest Expense, Net. Consolidated interest costs (before capitalization) totaled $165 million in second-quarter 2021, $159 million in second-quarter 2020, $325 million for the first six months of 2021 and $330 million for the first six months of 2020. Capitalized interest added to property, plant, equipment and mine development costs, net, totaled $17 million in second-quarter 2021, $44 million in second-quarter 2020, $32 million for the first six months of 2021 and $88 million for the first six months of 2020. The decrease in capitalized interest for the 2021 periods results from significant assets placed in service as PT-FI’s underground mining operations continue to ramp up.

Common Stock. In February 2021, FCX’s Board of Directors (the Board) reinstated a cash dividend on FCX’s common stock. On June 23, 2021, FCX declared a quarterly cash dividend of $0.075 per share on its common stock, which was paid on August 2, 2021, to common stockholders of record as of July 15, 2021.

Financial Instruments (Unaudited)

6 Months Ended

Jun. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial Instruments

FINANCIAL INSTRUMENTS

FCX does not purchase, hold or sell derivative financial instruments unless there is an existing asset or obligation, or it anticipates a future activity that is likely to occur and will result in exposure to market risks, which FCX intends to offset or mitigate. FCX does not enter into any derivative financial instruments for speculative purposes but has entered into derivative financial instruments in limited instances to achieve specific objectives. These objectives principally relate to managing risks associated with commodity price changes, foreign currency exchange rates and interest rates.

Commodity Contracts. From time to time, FCX has entered into derivative contracts to hedge the market risk associated with fluctuations in the prices of commodities it purchases and sells. Derivative financial instruments used by FCX to manage its risks do not contain credit risk-related contingent provisions.

In April 2020, FCX entered into forward sales contracts for 150 million pounds of copper for settlement in May and June of 2020. The forward sales provided for fixed pricing of $2.34 per pound of copper on approximately 60

percent of North America's sales volumes for May and June 2020. These contracts resulted in hedging losses

totaling $24 million in second-quarter 2020 and for the six months ended June 30, 2020. There were no remaining

forward sales contracts as of June 30, 2020.

A discussion of FCX’s other derivative contracts and programs follows:

Derivatives Designated as Hedging Instruments – Fair Value Hedges

Copper Futures and Swap Contracts. Some of FCX’s U.S. copper rod and cathode customers request a fixed market price instead of the Commodity Exchange Inc. (COMEX) average copper price in the month of shipment. FCX hedges this price exposure in a manner that allows it to receive the COMEX average price in the month of shipment while the customers pay the fixed price they requested. FCX accomplishes this by entering into copper futures or swap contracts. Hedging gains or losses from these copper futures and swap contracts are recorded in revenues. FCX did not have any significant gains or losses resulting from hedge ineffectiveness during the six-month periods ended June 30, 2021 and 2020. At June 30, 2021, FCX held copper futures and swap contracts that qualified for hedge accounting for 80 million pounds at an average contract price of $4.20 per pound, with maturities through May 2023.

A summary of gains (losses) recognized in revenues for derivative financial instruments related to commodity contracts that are designated and qualify as fair value hedge transactions, including the unrealized (losses) gains on the related hedged item follows (in millions):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Copper futures and swap contracts:
Unrealized (losses) gains:
Derivative financial instruments	$	(11)	$	40	$	(8)	$	7
Hedged item – firm sales commitments	11		(40)		8		(7)

Realized gains (losses):
Matured derivative financial instruments	28		(8)		52		(17)

Derivatives Not Designated as Hedging Instruments

Embedded Derivatives. Certain FCX concentrate, copper cathode and gold sales contracts provide for provisional pricing primarily based on the London Metal Exchange (LME) copper price or the COMEX copper price and the London Bullion Market Association (London) gold price at the time of shipment as specified in the contract. FCX receives market prices based on prices in the specified future month, which results in price fluctuations recorded in revenues until the date of settlement. FCX records revenues and invoices customers at the time of shipment based on then-current LME or COMEX copper prices and the London gold prices as specified in the contracts, which results in an embedded derivative (i.e., a pricing mechanism that is finalized after the time of delivery) that is required to be bifurcated from the host contract. The host contract is the sale of the metals contained in the concentrate or cathode at the then-current LME or COMEX copper price, and the London gold price. FCX applies the normal purchases and normal sales scope exception in accordance with derivatives and hedge accounting guidance to the host contract in its concentrate or cathode sales agreements since these contracts do not allow for net settlement and always result in physical delivery. The embedded derivative does not qualify for hedge accounting and is adjusted to fair value through earnings each period, using the period-end LME or COMEX copper forward prices and the adjusted London gold prices, until the date of final pricing. Similarly, FCX purchases copper under contracts that provide for provisional pricing. Mark-to-market price fluctuations from these embedded derivatives are recorded through the settlement date and are reflected in revenues for sales contracts and in inventory for purchase contracts.

A summary of FCX’s embedded derivatives at June 30, 2021, follows:


	Open Positions	Average Price Per Unit				Maturities Through
		Contract		Market
Embedded derivatives in provisional sales contracts:
Copper (millions of pounds)	597	$	4.31	$	4.25	December 2021
Gold (thousands of ounces)	157	1,848		1,762		September 2021
Embedded derivatives in provisional purchase contracts:
Copper (millions of pounds)	115	4.30		4.25		November 2021

Copper Forward Contracts. Atlantic Copper, FCX’s wholly owned smelting and refining unit in Spain, enters into copper forward contracts designed to hedge its copper price risk whenever its physical purchases and sales pricing periods do not match. These economic hedge transactions are intended to hedge against changes in copper prices, with the mark-to-market hedging gains or losses recorded in production and delivery costs. At June 30, 2021, Atlantic Copper held net copper forward purchase contracts for 17 million pounds at an average contract price of $4.36 per pound, with maturities through August 2021.

Summary of Gains (Losses). A summary of the realized and unrealized gains (losses) recognized in operating income for commodity contracts that do not qualify as hedge transactions, including embedded derivatives, follows (in millions):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Embedded derivatives in provisional sales contracts:a
Copper	$	118	$	162	$	325	$	(76)
Gold and other metals	15		17		(13)		24
Copper forward contractsb	(5)		(4)		(13)		19

a.Amounts recorded in revenues.

b.Amounts recorded in cost of sales as production and delivery costs.

Unsettled Derivative Financial Instruments

A summary of the fair values of unsettled commodity derivative financial instruments follows (in millions):


	June 30, 2021		December 31, 2020
Commodity Derivative Assets:
Derivatives designated as hedging instruments:
Copper futures and swap contracts	$	8	$	15
Derivatives not designated as hedging instruments:
Embedded derivatives in provisional sales/purchase contracts	62		169
Copper forward contracts	2		—
Total derivative assets	$	72	$	184

Commodity Derivative Liabilities:
Derivatives designated as hedging instruments:
Copper futures and swap contracts	$	1	$	—
Derivatives not designated as hedging instruments:
Embedded derivatives in provisional sales/purchase contracts	103		21


Copper forward contracts	4		—
Total derivative liabilities	$	108	$	21

FCX’s commodity contracts have netting arrangements with counterparties with which the right of offset exists, and it is FCX’s policy to generally offset balances by contract on its balance sheet. FCX’s embedded derivatives on provisional sales/purchase contracts are netted with the corresponding outstanding receivable/payable balances.

A summary of these unsettled commodity contracts that are offset in the balance sheets follows (in millions):


	Assets				Liabilities
	June 30, 2021		December 31, 2020		June 30, 2021		December 31, 2020

Gross amounts recognized:
Embedded derivatives in provisional
sales/purchase contracts	$	62	$	169	$	103	$	21

Copper derivatives	10		15		5		—
	72		184		108		21

Less gross amounts of offset:
Embedded derivatives in provisional
sales/purchase contracts	14		1		14		1

Copper derivatives	2		—		2		—
	16		1		16		1

Net amounts presented in balance sheet:
Embedded derivatives in provisional
sales/purchase contracts	48		168		89		20

Copper derivatives	8		15		3		—
	$	56	$	183	$	92	$	20

Balance sheet classification:
Trade accounts receivable	$	30	$	168	$	62	$	—
Other current assets	8		15		—		—
Other assets	1		—		—		—

Accounts payable and accrued liabilities	17		—		29		20
Other liabilities	—		—		1		—
	$	56	$	183	$	92	$	20

Credit Risk. FCX is exposed to credit loss when financial institutions with which it has entered into derivative transactions (commodity, foreign exchange and interest rate swaps) are unable to pay. To minimize the risk of such losses, FCX uses counterparties that meet certain credit requirements and periodically reviews the creditworthiness of these counterparties. As of June 30, 2021, the maximum amount of credit exposure associated with derivative transactions was $72 million.

Other Financial Instruments. Other financial instruments include cash and cash equivalents, restricted cash, restricted cash equivalents, accounts receivable, investment securities, legally restricted funds, accounts payable and accrued liabilities, dividends payable and debt. The carrying value for cash and cash equivalents (which included time deposits of $0.2 billion at June 30, 2021, and $0.3 billion at December 31, 2020), restricted cash, restricted cash equivalents, accounts receivable, accounts payable and accrued liabilities, and dividends payable approximates fair value because of their short-term nature and generally negligible credit losses (refer to Note 7 for the fair values of investment securities, legally restricted funds and debt).

In addition, as of June 30, 2021, FCX has contingent consideration assets related to the sales of certain oil and gas properties (refer to Note 7 for the related fair values).

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents. The following table provides a reconciliation of total cash, cash equivalents, restricted cash and restricted cash equivalents presented in the consolidated statements of cash flows (in millions):


	June 30, 2021		December 31, 2020
Balance sheet components:
Cash and cash equivalents	$	6,313	$	3,657
Restricted cash and restricted cash equivalents included in:
Other current assets	116		97
Other assets	140		149
Total cash, cash equivalents, restricted cash and restricted cash equivalents presented in the consolidated statements of cash flows	$	6,569	$	3,903

Fair Value Measurement

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENT

Fair value accounting guidance includes a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). FCX did not have any significant transfers in or out of Level 3 during second-quarter 2021.

FCX’s financial instruments are recorded on the consolidated balance sheets at fair value except for contingent consideration associated with the sale of the Deepwater Gulf of Mexico (GOM) oil and gas properties (which was recorded under the loss recovery approach) and debt. A summary of the carrying amount and fair value of FCX’s financial instruments (including those measured at net asset value (NAV) as a practical expedient), other than cash and cash equivalents, restricted cash, restricted cash equivalents, accounts receivable, accounts payable and accrued liabilities, and dividends payable (refer to Note 6) follows (in millions):


	At June 30, 2021
	Carrying		Fair Value
	Amount		Total		NAV		Level 1		Level 2		Level 3
Assets
Investment securities:a,b
U.S. core fixed income fund	$	29	$	29	$	29	$	—	$	—	$	—

Equity securities	15		15		—		15		—		—
Total	44		44		29		15		—		—

Legally restricted funds:a
U.S. core fixed income fund	64		64		64		—		—		—
Government bonds and notes	54		54		—		—		54		—
Corporate bonds	40		40		—		—		40		—
Government mortgage-backed securities	29		29		—		—		29		—
Asset-backed securities	12		12		—		—		12		—
Money market funds	6		6		—		6		—		—
Collateralized mortgage-backed securities	3		3		—		—		3		—
Municipal bonds	1		1		—		—		1		—
Total	209		209		64		6		139		—

Derivatives:
Embedded derivatives in provisional sales/purchase contracts in a gross asset positionc	62		62		—		—		62		—

Copper futures and swap contractsc	8		8		—		4		4		—
Copper forward contractsc	2		2		—		1		1		—



Total	72		72		—		5		67		—

Contingent consideration for the sale of the
Deepwater GOM oil and gas propertiesa	98		85		—		—		—		85



Liabilities
Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross liability position	103		103		—		—		103		—


Copper futures and swap contractsc	1		1		—		1		—		—
Copper forward contracts	4		4		—		1		3		—

Total	108		108		—		2		106		—




Long-term debt, including current portiond	9,695		10,853		—		—		10,853		—


	At December 31, 2020
	Carrying		Fair Value
	Amount		Total		NAV		Level 1		Level 2		Level 3
Assets
Investment securities:a,b
U.S. core fixed income fund	$	29	$	29	$	29	$	—	$	—	$	—

Equity securities	7		7		—		7		—		—
Total	36		36		29		7		—		—

Legally restricted funds:a
U.S. core fixed income fund	65		65		65		—		—		—
Government bonds and notes	49		49		—		—		49		—
Corporate bonds	43		43		—		—		43		—
Government mortgage-backed securities	30		30		—		—		30		—
Asset-backed securities	16		16		—		—		16		—
Money market funds	5		5		—		5		—		—
Collateralized mortgage-backed securities	4		4		—		—		4		—
Municipal bonds	1		1		—		—		1		—
Total	213		213		65		5		143		—

Derivatives:
Embedded derivatives in provisional sales/purchase contracts in a gross asset positionc	169		169		—		—		169		—
Copper futures and swap contractsc	15		15		—		13		2		—



Total	184		184		—		13		171		—

Contingent consideration for the sale of the
Deepwater GOM oil and gas propertiesa	108		88		—		—		—		88



Liabilities
Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross liability position	21		21		—		—		21		—









Long-term debt, including current portiond	9,711		10,994		—		—		10,994		—

a.Current portion included in other current assets and long-term portion included in other assets.

b.Excludes time deposits (which approximated fair value) included in (i) other current assets of $116 million at June 30, 2021, and $97 million at December 31, 2020, and (ii) other assets of $139 million at June 30, 2021, and $148 million at December 31, 2020, primarily associated with an assurance bond to support PT-FI’s commitment for new domestic smelter development in Indonesia and PT-FI’s closure and reclamation guarantees.

c.Refer to Note 6 for further discussion and balance sheet classifications.

d.Recorded at cost except for debt assumed in acquisitions, which are recorded at fair value at the respective acquisition dates.

Valuation Techniques. The U.S. core fixed income fund is valued at NAV. The fund strategy seeks total return consisting of income and capital appreciation primarily by investing in a broad range of investment-grade debt securities, including U.S. government obligations, corporate bonds, mortgage-backed securities, asset-backed securities and money market instruments. There are no restrictions on redemptions (which are usually within one business day of notice).

Equity securities are valued at the closing price reported on the active market on which the individual securities are traded and, as such, are classified within Level 1 of the fair value hierarchy.

Fixed income securities (government securities, corporate bonds, asset-backed securities, collateralized mortgage-backed securities and municipal bonds) are valued using a bid-evaluation price or a mid-evaluation price. These evaluations are based on quoted prices, if available, or models that use observable inputs and, as such, are classified within Level 2 of the fair value hierarchy.

Money market funds are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets.

FCX’s embedded derivatives on provisional copper concentrate, copper cathode and gold purchases and sales are valued using quoted monthly LME or COMEX copper forward prices and the adjusted London gold prices at each reporting date based on the month of maturity (refer to Note 6 for further discussion); however, FCX’s contracts themselves are not traded on an exchange. As a result, these derivatives are classified within Level 2 of the fair value hierarchy.

FCX’s derivative financial instruments for copper futures and swap contracts and copper forward contracts that are traded on the respective exchanges are classified within Level 1 of the fair value hierarchy because they are valued using quoted monthly COMEX or LME prices at each reporting date based on the month of maturity (refer to Note 6 for further discussion). Certain of these contracts are traded on the over-the-counter market and are classified within Level 2 of the fair value hierarchy based on COMEX and LME forward prices.

In December 2016, FCX’s sale of its Deepwater GOM oil and gas properties included up to $150 million in contingent consideration that was recorded at the total amount under the loss recovery approach. The contingent consideration is being received over time as cash flows are realized from a third-party production handling agreement for an offshore platform, with the related payments commencing in third-quarter 2018. The contingent consideration included in (i) other current assets totaled $18 million at June 30, 2021, and $12 million at December 31, 2020, and (ii) other assets totaled $80 million at June 30, 2021, and $96 million at December 31, 2020. The fair value of this contingent consideration was calculated based on a discounted cash flow model using inputs that include third-party estimates for reserves, production rates and production timing, and discount rates. Because significant inputs are not observable in the market, the contingent consideration is classified within Level 3 of the fair value hierarchy.

Long-term debt, including current portion, is primarily valued using available market quotes and, as such, is classified within Level 2 of the fair value hierarchy.

The techniques described above may produce a fair value that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while FCX believes its valuation techniques are appropriate and consistent with other market participants, the use of different techniques or assumptions to determine fair value of certain financial instruments could result in a different fair value measurement at the reporting date. There have been no changes in the techniques used at June 30, 2021, as compared with those techniques used at December 31, 2020.

A summary of the changes in the fair value of FCX’s Level 3 instrument, contingent consideration for the sale of the Deepwater GOM oil and gas properties, during the first six months of 2021 follows (in millions):



Fair value at January 1, 2021	$	88
Net unrealized gain related to assets still held at the end of the period	7
Settlements	(10)
Fair value at June 30, 2021	$	85

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Contingencies and Commitments (Unaudited)	6 Months Ended
Contingencies and Commitments (Unaudited)	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	CONTINGENCIES AND COMMITMENTS Environmental Newtown Creek. From the 1930s until 1964, Phelps Dodge Refining Corporation (PDRC), an indirect wholly owned subsidiary of FCX, operated a copper smelter, and from the 1930s until 1984 operated a copper refinery, on the banks of Newtown Creek (the creek), which is a 3.5-mile-long waterway that forms part of the boundary between Brooklyn and Queens in New York City. Heavy industrialization along the banks of the creek and discharges from the City of New York’s sewer system over more than a century resulted in significant environmental contamination of the waterway. In 2010, U.S. Environmental Protection Agency (EPA) notified PDRC, four other companies and the City of New York that EPA considers them to be potentially responsible parties (PRPs) under the Comprehensive Environmental Response, Compensation, and Liability Act of 1980. The notified parties began working with EPA to identify other PRPs. In 2010, EPA designated the creek as a Superfund site, and in 2011, PDRC and five other parties (the Newtown Creek Group, NCG) entered an Administrative Order on Consent (AOC) to perform a remedial investigation/feasibility study (RI/FS) to assess the nature and extent of environmental contamination in the creek and identify potential remedial options. The parties’ RI/FS work under the AOC and their efforts to identify other PRPs are ongoing. The NCG submitted the initial draft RI to EPA in 2016 and currently expects the report to be finalized in 2021. The NCG currently anticipates a draft FS to be submitted to EPA for review and approval in 2024. EPA is not expected to propose a final creek-wide remedy until after the RI/FS is completed, with the actual remediation construction starting several years later. In July 2019, the NCG entered into an AOC to conduct a Focused Feasibility Study (FFS) of the first two miles of the creek to support an evaluation of an interim remedy for that section of the creek. In July 2021, EPA terminated the FFS, which effectively incorporates remediation of the lower creek with the site-wide remedy. FCX’s environmental liability balance for the creek was $308 million at June 30, 2021. The final costs of fulfilling this remedial obligation and the allocation of costs among PRPs are uncertain and subject to change based on the results of the RI/FS, the remedy ultimately selected by EPA and related allocation determinations. Changes to the overall cost of this remedial obligation and the portion ultimately allocated to PDRC could be material to FCX. Litigation There were no significant updates to previously reported legal proceedings included in Note 12 of FCX’s 2020 Form 10-K, other than the matters discussed below. Asbestos and Talc Claims. As previously disclosed, since approximately 1990, various FCX affiliates have been named as defendants in a large number of lawsuits alleging personal injury from, among other things, exposure to asbestos or talc allegedly contained in industrial products, and more recently alleging the presence of asbestos contamination in talc-based cosmetic and personal care products. Cyprus Amax Minerals Company (CAMC), an indirect wholly owned subsidiary of FCX, and Cyprus Mines Corporation (Cyprus Mines), a wholly owned subsidiary of CAMC, are among the targets of such lawsuits. Cyprus Mines and subsidiaries were engaged in talc mining and processing from 1964 until 1992 when Cyprus Mines exited its talc business. On February 13, 2019, Imerys Talc America (Imerys), the current owner of the talc business assets and liabilities previously owned by Cyprus Mines, filed for Chapter 11 bankruptcy protection. On December 22, 2020, Imerys filed an amended bankruptcy plan disclosing a global settlement with Cyprus Mines and CAMC, which provides a framework for a full and comprehensive resolution of all current and future potential liabilities arising out of the Cyprus Mines talc business, including claims against FCX, its affiliates, Cyprus Mines and CAMC. A hearing to consider confirmation of the Imerys bankruptcy plan has been scheduled to be held in November 2021. Consistent with the global settlement agreement, Cyprus Mines commenced its own bankruptcy process on February 11, 2021, and talc-related litigation against both Cyprus Mines and Cyprus Amax Minerals Company is stayed through 2021. The global settlement is subject to, among other things, votes by claimants in both the Imerys and Cyprus Mines bankruptcy cases as well as bankruptcy court approvals in both cases, and there can be no assurance that the global settlement will be successfully implemented. FCX has a $130 million liability balance at June 30, 2021, associated with the proposed settlement. Other Matters PT-FI and PT Smelting Export Licenses. In March 2021, PT-FI received a one-year extension of its export license through March 15, 2022. In July 2021, PT Smelting received a six-month extension of its anodes slimes export license, which currently expires December 30, 2021. Development Progress of Greenfield Smelter at East Java. On January 7, 2021, the Indonesia government levied an administrative fine of $149 million for the period from March 30, 2020, through September 30, 2020 (additional fines could be levied on exports after September 30, 2020), on PT-FI for failing to achieve physical development progress on the greenfield smelter as of July 31, 2020. PT-FI responded to the Indonesia government objecting to the fine because of events outside of its control that caused a delay in development progress for the greenfield smelter at East Java. PT-FI believes that its communications during 2020 with the Indonesia government were not properly considered before the administrative fine was levied. In June 2021, the Indonesia government issued a ministerial decree for the calculation of an administrative fine for lack of smelter development in light of the COVID-19 pandemic. PT-FI is continuing to discuss this matter with the Indonesia government as well as provide additional documentation to support its position on the cause of delays in development progress on the greenfield smelter. During the first six months of 2021, PT-FI recorded charges totaling $16 million ($3 million in second-quarter 2021 and $13 million in first-quarter 2021) for a potential settlement of the administrative fine which is expected to include a revised construction schedule for the greenfield smelter. No additional fine is expected for the construction period after July 2020 based on the revised schedule. The final settlement could differ from the amounts recorded in 2021. Chiyoda Contract. In July 2021, PT-FI awarded a construction contract to Chiyoda for the construction of a new greenfield smelter in Gresik, Indonesia with an estimated contract cost of $2.8 billion.

BUSINESS SEGMENTS

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Business Segment

BUSINESS SEGMENTS

FCX has organized its mining operations into four primary divisions – North America copper mines, South America mining, Indonesia mining and Molybdenum mines, and operating segments that meet certain thresholds are reportable segments. Separately disclosed in the following tables are FCX’s reportable segments, which include the Morenci, Cerro Verde and Grasberg (Indonesia Mining) copper mines, the Rod & Refining operations and Atlantic Copper Smelting & Refining.

Intersegment sales between FCX’s business segments are based on terms similar to arms-length transactions with third parties at the time of the sale. Intersegment sales may not be reflective of the actual prices ultimately realized because of a variety of factors, including additional processing, timing of sales to unaffiliated customers and transportation premiums.

FCX defers recognizing profits on sales from its mines to other segments, including Atlantic Copper Smelting & Refining, and on 39.5 percent of PT-FI’s sales to PT Smelting, until final sales to third parties occur. Quarterly variations in ore grades, the timing of intercompany shipments and changes in product prices result in variability in FCX’s net deferred profits and quarterly earnings.

FCX allocates certain operating costs, expenses and capital expenditures to its operating divisions and individual segments. However, not all costs and expenses applicable to an operation are allocated. U.S. federal and state income taxes are recorded and managed at the corporate level (included in Corporate, Other & Eliminations), whereas foreign income taxes are recorded and managed at the applicable country level. In addition, most mining exploration and research activities are managed on a consolidated basis, and those costs, along with some selling, general and administrative costs, are not allocated to the operating divisions or individual segments. Accordingly, the following Financial Information by Business Segment reflects management determinations that may not be indicative of what the actual financial performance of each operating division or segment would be if it was an independent entity.

Product Revenues. FCX’s revenues attributable to the products it sold for the second quarters and first six months of 2021 and 2020 follow (in millions):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Copper:
Concentrate	$	2,076	$	749	$	3,785	$	1,598
Cathode	1,535		1,124		2,769		1,961
Rod and other refined copper products	833		303		1,517		845
Purchased coppera	310		166		528		401
Gold	597		341		1,115		611
Molybdenum	288		194		532		437
Otherb	203		115		456		272
Adjustments to revenues:
Treatment charges	(101)		(75)		(198)		(155)
Royalty expensec	(82)		(26)		(145)		(46)
Export dutiesd	(44)		(16)		(73)		(20)
Revenues from contracts with customers	5,615		2,875		10,286		5,904
Embedded derivativese	133		179		312		(52)
Total consolidated revenues	$	5,748	$	3,054	$	10,598	$	5,852

a.FCX purchases copper cathode primarily for processing by its Rod & Refining operations.

b.Primarily includes revenues associated with cobalt and silver.

c.Reflects royalties on sales from PT-FI and Cerro Verde that will vary with the volume of metal sold and prices.

d.Reflects PT-FI export duties.

e.Refer to Note 6 for discussion of embedded derivatives related to FCX’s provisionally priced concentrate and cathode sales contracts.

Financial Information by Business Segment



(In millions)

																						Atlantic			Corporate,
	North America Copper Mines				South America Mining															Copper				Other
								Cerro							Indonesia			Molybdenum		Rod &		Smelting			& Elimi-			FCX
	Morenci		Other		Total			Verde			Other		Total		Mining			Mines		Refining		& Refining			nations			Total
Three Months Ended June 30, 2021
Revenues:
Unaffiliated customers	$	57	$	55	$	112		$	825		$	188	$	1,013	$	1,753	a	$	—	$	1,689	$	794		$	387	b	$	5,748
Intersegment	721		1,021		1,742			120			—		120		56			89		6		—			(2,013)			—
Production and delivery	351		574		925			494		c	106		600		528			56		1,691		775			(1,508)		d	3,067
Depreciation, depletion and amortization	40		61		101			82			12		94		247			17		1		8			15			483


Selling, general and administrative expenses	1		—		1			2			—		2		27			—		—		5			52			87
Mining exploration and research expenses	—		—		—			—			—		—		—			—		—		—			14			14
Environmental obligations and shutdown costs	1		—		1			—			—		—		—			—		—		—			32			33
Net gain on sales of assets	—		—		—			—			—		—		—			—		—		—			(3)			(3)
Operating income (loss)	385		441		826			367			70		437		1,007			16		3		6			(228)			2,067

Interest expense, net	—		—		—			12			—		12		6			—		—		2			128			148
Provision for income taxes	—		—		—			145			17		162		404			—		—		—			37			603
Total assets at June 30, 2021	2,635		5,288		7,923			8,795			1,795		10,590		18,461			1,740		271		1,117			5,334			45,436
Capital expenditures	22		47		69			23			3		26		314			2		—		7			15			433

Three Months Ended June 30, 2020
Revenues:
Unaffiliated customers	$	20	$	16	$	36		$	471		$	106	$	577	$	683	a	$	—	$	1,106	$	464		$	188	b	$	3,054
Intersegment	447		505		952		e	52			—		52		35			58		8		2			(1,107)			—
Production and delivery	348		439		787			334			104		438		378			61		1,138		446			(854)			2,394
Depreciation, depletion and amortization	43		46		89			88			14		102		124			15		6		7			15			358

Metals inventory adjustments	—		(89)		(89)			—			(57)		(57)		—			1		1		—			5			(139)
Selling, general and administrative expenses	—		1		1			1			—		1		28			—		—		5			56			91
Mining exploration and research expenses	—		1		1			—			—		—		—			—		—		—			17			18
Environmental obligations and shutdown costs	—		—		—			—			—		—		—			—		—		—			11			11

Operating income (loss)	76		123		199			100			45		145		188			(19)		(31)		8			(169)			321

Interest expense, net	1		—		1			20			—		20		1			—		—		1			92			115
Provision for (benefit from) income taxes	—		—		—			29			16		45		78			—		—		1			(28)			96
Total assets at June 30, 2020	2,697		5,198		7,895			8,515			1,631		10,146		16,848			1,777		259		726			2,579			40,230
Capital expenditures	27		121		148			31			20		51		308			4		2		5			9			527

a.Includes PT-FI's sales to PT Smelting totaling $756 million in second-quarter 2021 and $433 million in second-quarter 2020.

b.Includes revenues from FCX's molybdenum sales company, which includes sales of molybdenum produced by the Molybdenum mines and by certain of the North America and South America copper mines.

c.Includes nonrecurring charges totaling $69 million associated with labor-related charges at Cerro Verde for agreements reached with 57 percent of its hourly employees.

d.Includes charges associated with the major maintenance turnaround at the Miami smelter totaling $19 million.

e.Includes hedging losses totaling $24 million related to forward sales contracts covering 150 million pounds of copper sales for May and June 2020 at a fixed price of $2.34 per pound.


(In millions)
																						Atlantic		Corporate,
	North America Copper Mines				South America Mining													Copper		Other
								Cerro							Indonesia			Molybdenum		Rod &		Smelting		& Elimi-			FCX
	Morenci		Other		Total			Verde			Other		Total		Mining			Mines		Refining		& Refining		nations			Total
Six months ended June 30, 2021
Revenues:
Unaffiliated customers	$	61	$	83	$	144		$	1,742		$	363	$	2,105	$	3,136	a	$	—	$	2,998	$	1,481	$	734	b	$	10,598
Intersegment	1,285		1,763		3,048			165			—		165		108			159		13		—		(3,493)			—
Production and delivery	620		1,054		1,674			930		c	209		1,139		983			113		3,007		1,448		(2,511)		d	5,853
Depreciation, depletion and amortization	74		107		181			171			24		195		446			32		2		15		31			902
Metals inventory adjustments	—		—		—			—			—		—		—			1		—		—		—			1
Selling, general and administrative expenses	1		1		2			4			—		4		53			—		—		12		116			187
Mining exploration and research expenses	—		—		—			—			—		—		—			—		—		—		21			21
Environmental obligations and shutdown costs	1		—		1			—			—		—		—			—		—		—		37			38

Net gain on sales of assets	—		—		—			—			—		—		—			—		—		—		(3)			(3)
Operating income (loss)	650		684		1,334			802			130		932		1,762			13		2		6		(450)			3,599

Interest expense, net	—		—		—			25			—		25		7			—		—		3		258			293
Provision for (benefit from) income taxes	—		—		—			318			38		356		719			—		—		—		(29)			1,046

Capital expenditures	32		63		95			43			4		47		624			3		1		13		20			803

Six months ended June 30, 2020
Revenues:
Unaffiliated customers	$	22	$	23	$	45		$	847		$	204	$	1,051	$	1,128	a	$	—	$	2,221	$	893	$	514	b	$	5,852
Intersegment	889		1,039		1,928		e	90			—		90		35			129		16		13		(2,211)			—
Production and delivery	697		950		1,647			758			214		972		721			127		2,257		857		(1,642)			4,939
Depreciation, depletion and amortization	87		94		181			181			29		210		225			31		8		14		30			699

Metals inventory adjustments	4		52		56			—			3		3		—			5		1		—		18			83
Selling, general and administrative expenses	1		1		2			3			—		3		56			—		—		10		130			201
Mining exploration and research expenses	—		2		2			—			—		—		—			—		—		—		32			34
Environmental obligations and shutdown costs	—		—		—			—			—		—		—			—		1		—		36			37

Net loss on sales of assets	—		—		—			—			—		—		—			—		—		—		11			11
Operating income (loss)	122		(37)		85			(5)			(42)		(47)		161			(34)		(30)		25		(312)			(152)

Interest expense, net	2		—		2			48			—		48		2			—		—		4		186			242
(Benefit from) provision for income taxes	—		—		—			(23)			(10)		(33)		90			—		—		1		(22)			36

Capital expenditures	71		261		332			90			35		125		634			11		4		11		20			1,137

a.Includes PT-FI's sales to PT Smelting totaling $1.5 billion for the first six months of 2021 and $813 million for the first six months of 2020.

b.Includes revenues from FCX's molybdenum sales company, which includes sales of molybdenum produced by the Molybdenum mines and by certain of the North America and South America copper mines.

c.Includes nonrecurring charges totaling $69 million associated with labor-related charges at Cerro Verde for agreements reached with 57 percent of its hourly employees.

d.Includes charges associated with the major maintenance turnaround at the Miami smelter totaling $87 million.

e.Includes hedging losses totaling $24 million related to forward sales contracts covering 150 million pounds of copper sales for May and June 2020 at a fixed price of $2.34 per pound.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

Earnings per Share (Unaudited) Earnings per Share (Tables)

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Reconciliation of net income (loss) and weighted-average shares of common stock outstanding

Reconciliations of net income (loss) and weighted-average shares of common stock outstanding for purposes of calculating basic and diluted net income (loss) per share follow (in millions, except per share amounts):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Net income (loss)	$	1,331	$	124	$	2,284	$	(425)
Net income attributable to noncontrolling interests	(248)		(71)		(483)		(13)

Undistributed earnings allocated to participating securities	(4)		(3)		(4)		(3)







Net income (loss) attributable to common stockholders	$	1,079	$	50	$	1,797	$	(441)


Basic weighted-average shares of common stock outstanding	1,467		1,453		1,465		1,453
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs)	16		5		15		—		a
Diluted weighted-average shares of common stock outstanding	1,483		1,458		1,480		1,453




Basic net income (loss) per share attributable to common stockholders:	$	0.74	$	0.03	$	1.23	$	(0.30)



Diluted net income (loss) per share attributable to common stockholders:	$	0.73	$	0.03	$	1.21	$	(0.30)

a.Excludes approximately 10 million shares associated with outstanding stock options with exercise prices less than the average market price of FCX’s common stock and RSUs that were anti-dilutive.

Inventories, Including Long-Term Mill and Leach Stockpiles (Unaudited) (Tables)

6 Months Ended

Jun. 30, 2021

Inventory Disclosure [Abstract]

Schedule of Inventory

The components of inventories follow (in millions):


	June 30, 2021		December 31, 2020
Current inventories:
Total materials and supplies, neta	$	1,616	$	1,594

Mill stockpiles	$	172	$	205
Leach stockpiles	834		809
Total current mill and leach stockpiles	$	1,006	$	1,014

Raw materials (primarily concentrate)	$	433	$	366
Work-in-process	200		174
Finished goods	963		745
Total product	$	1,596	$	1,285

Long-term inventories:
Mill stockpiles	$	242	$	223
Leach stockpiles	1,231		1,240
Total long-term mill and leach stockpilesb	$	1,473	$	1,463

a.Materials and supplies inventory was net of obsolescence reserves totaling $33 million at June 30, 2021, and $32 million at December 31, 2020.

b.Estimated metals in stockpiles not expected to be recovered within the next 12 months.

Income Taxes (Unaudited) (Tables)

6 Months Ended

Jun. 30, 2021

Income Tax Disclosure [Abstract]

Income before income taxes and equity in an affiliated companies' net earnings

Geographic sources of FCX’s (provision for) benefit from income taxes follow (in millions):


	Six Months Ended
	June 30,
	2021		2020
U.S. operations	$	(4)	$	58	a
International operations	(1,042)		(94)
Total	$	(1,046)	$	(36)

a.Includes a tax credit of $53 million associated with the reversal of a year-end 2019 tax charge related to the sale of FCX’s interest in the lower zone of the Timok exploration project in Serbia, after considering relevant tax law.

Debt and Equity (Tables)

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Schedule of Debt

The components of debt follow (in millions):


	June 30, 2021			December 31, 2020



Senior notes and debentures:
Issued by FCX	$	8,787		$	8,783
Issued by Freeport Minerals Corporation (FMC)	356			356

Cerro Verde Term Loan	524			523

Other	28			49
Total debt	9,695			9,711
Less current portion of debt	(1,057)		a	(34)
Long-term debt	$	8,638		$	9,677

a.Includes $0.5 billion for the 3.55% Senior Notes due March 2022 and $0.5 billion for the Cerro Verde Term Loan due June 2022.

Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Unrealized gains (losses) for derivative financial instruments that are designated and qualify as fair value hedge transactions and for the related hedged item

A summary of gains (losses) recognized in revenues for derivative financial instruments related to commodity contracts that are designated and qualify as fair value hedge transactions, including the unrealized (losses) gains on the related hedged item follows (in millions):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Copper futures and swap contracts:
Unrealized (losses) gains:
Derivative financial instruments	$	(11)	$	40	$	(8)	$	7
Hedged item – firm sales commitments	11		(40)		8		(7)

Realized gains (losses):
Matured derivative financial instruments	28		(8)		52		(17)

Schedule of Derivative Instruments

A summary of FCX’s embedded derivatives at June 30, 2021, follows:


	Open Positions	Average Price Per Unit				Maturities Through
		Contract		Market
Embedded derivatives in provisional sales contracts:
Copper (millions of pounds)	597	$	4.31	$	4.25	December 2021
Gold (thousands of ounces)	157	1,848		1,762		September 2021
Embedded derivatives in provisional purchase contracts:
Copper (millions of pounds)	115	4.30		4.25		November 2021

Realized and unrealized gains (losses) for derivative financial instruments that do not qualify as hedge transactions

A summary of the realized and unrealized gains (losses) recognized in operating income for commodity contracts that do not qualify as hedge transactions, including embedded derivatives, follows (in millions):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Embedded derivatives in provisional sales contracts:a
Copper	$	118	$	162	$	325	$	(76)
Gold and other metals	15		17		(13)		24
Copper forward contractsb	(5)		(4)		(13)		19

a.Amounts recorded in revenues.

b.Amounts recorded in cost of sales as production and delivery costs.

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

A summary of the fair values of unsettled commodity derivative financial instruments follows (in millions):


	June 30, 2021		December 31, 2020
Commodity Derivative Assets:
Derivatives designated as hedging instruments:
Copper futures and swap contracts	$	8	$	15
Derivatives not designated as hedging instruments:
Embedded derivatives in provisional sales/purchase contracts	62		169
Copper forward contracts	2		—
Total derivative assets	$	72	$	184

Commodity Derivative Liabilities:
Derivatives designated as hedging instruments:
Copper futures and swap contracts	$	1	$	—
Derivatives not designated as hedging instruments:
Embedded derivatives in provisional sales/purchase contracts	103		21


Copper forward contracts	4		—
Total derivative liabilities	$	108	$	21

Offsetting Assets

A summary of these unsettled commodity contracts that are offset in the balance sheets follows (in millions):


	Assets				Liabilities
	June 30, 2021		December 31, 2020		June 30, 2021		December 31, 2020

Gross amounts recognized:
Embedded derivatives in provisional
sales/purchase contracts	$	62	$	169	$	103	$	21

Copper derivatives	10		15		5		—
	72		184		108		21

Less gross amounts of offset:
Embedded derivatives in provisional
sales/purchase contracts	14		1		14		1

Copper derivatives	2		—		2		—
	16		1		16		1

Net amounts presented in balance sheet:
Embedded derivatives in provisional
sales/purchase contracts	48		168		89		20

Copper derivatives	8		15		3		—
	$	56	$	183	$	92	$	20

Balance sheet classification:
Trade accounts receivable	$	30	$	168	$	62	$	—
Other current assets	8		15		—		—
Other assets	1		—		—		—

Accounts payable and accrued liabilities	17		—		29		20
Other liabilities	—		—		1		—
	$	56	$	183	$	92	$	20

Offsetting Liabilities

A summary of these unsettled commodity contracts that are offset in the balance sheets follows (in millions):


	Assets				Liabilities
	June 30, 2021		December 31, 2020		June 30, 2021		December 31, 2020

Gross amounts recognized:
Embedded derivatives in provisional
sales/purchase contracts	$	62	$	169	$	103	$	21

Copper derivatives	10		15		5		—
	72		184		108		21

Less gross amounts of offset:
Embedded derivatives in provisional
sales/purchase contracts	14		1		14		1

Copper derivatives	2		—		2		—
	16		1		16		1

Net amounts presented in balance sheet:
Embedded derivatives in provisional
sales/purchase contracts	48		168		89		20

Copper derivatives	8		15		3		—
	$	56	$	183	$	92	$	20

Balance sheet classification:
Trade accounts receivable	$	30	$	168	$	62	$	—
Other current assets	8		15		—		—
Other assets	1		—		—		—

Accounts payable and accrued liabilities	17		—		29		20
Other liabilities	—		—		1		—
	$	56	$	183	$	92	$	20

Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]

The following table provides a reconciliation of total cash, cash equivalents, restricted cash and restricted cash equivalents presented in the consolidated statements of cash flows (in millions):


	June 30, 2021		December 31, 2020
Balance sheet components:
Cash and cash equivalents	$	6,313	$	3,657
Restricted cash and restricted cash equivalents included in:
Other current assets	116		97
Other assets	140		149
Total cash, cash equivalents, restricted cash and restricted cash equivalents presented in the consolidated statements of cash flows	$	6,569	$	3,903

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41678-113959

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41641-113959

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624171-113959

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5579240-113959

+ Details

FAIR VALUE MEASUREMENT (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurement Inputs Disclosure

A summary of the carrying amount and fair value of FCX’s financial instruments (including those measured at net asset value (NAV) as a practical expedient), other than cash and cash equivalents, restricted cash, restricted cash equivalents, accounts receivable, accounts payable and accrued liabilities, and dividends payable (refer to Note 6) follows (in millions):


	At June 30, 2021
	Carrying		Fair Value
	Amount		Total		NAV		Level 1		Level 2		Level 3
Assets
Investment securities:a,b
U.S. core fixed income fund	$	29	$	29	$	29	$	—	$	—	$	—

Equity securities	15		15		—		15		—		—
Total	44		44		29		15		—		—

Legally restricted funds:a
U.S. core fixed income fund	64		64		64		—		—		—
Government bonds and notes	54		54		—		—		54		—
Corporate bonds	40		40		—		—		40		—
Government mortgage-backed securities	29		29		—		—		29		—
Asset-backed securities	12		12		—		—		12		—
Money market funds	6		6		—		6		—		—
Collateralized mortgage-backed securities	3		3		—		—		3		—
Municipal bonds	1		1		—		—		1		—
Total	209		209		64		6		139		—

Derivatives:
Embedded derivatives in provisional sales/purchase contracts in a gross asset positionc	62		62		—		—		62		—

Copper futures and swap contractsc	8		8		—		4		4		—
Copper forward contractsc	2		2		—		1		1		—



Total	72		72		—		5		67		—

Contingent consideration for the sale of the
Deepwater GOM oil and gas propertiesa	98		85		—		—		—		85



Liabilities
Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross liability position	103		103		—		—		103		—


Copper futures and swap contractsc	1		1		—		1		—		—
Copper forward contracts	4		4		—		1		3		—

Total	108		108		—		2		106		—




Long-term debt, including current portiond	9,695		10,853		—		—		10,853		—


	At December 31, 2020
	Carrying		Fair Value
	Amount		Total		NAV		Level 1		Level 2		Level 3
Assets
Investment securities:a,b
U.S. core fixed income fund	$	29	$	29	$	29	$	—	$	—	$	—

Equity securities	7		7		—		7		—		—
Total	36		36		29		7		—		—

Legally restricted funds:a
U.S. core fixed income fund	65		65		65		—		—		—
Government bonds and notes	49		49		—		—		49		—
Corporate bonds	43		43		—		—		43		—
Government mortgage-backed securities	30		30		—		—		30		—
Asset-backed securities	16		16		—		—		16		—
Money market funds	5		5		—		5		—		—
Collateralized mortgage-backed securities	4		4		—		—		4		—
Municipal bonds	1		1		—		—		1		—
Total	213		213		65		5		143		—

Derivatives:
Embedded derivatives in provisional sales/purchase contracts in a gross asset positionc	169		169		—		—		169		—
Copper futures and swap contractsc	15		15		—		13		2		—



Total	184		184		—		13		171		—

Contingent consideration for the sale of the
Deepwater GOM oil and gas propertiesa	108		88		—		—		—		88



Liabilities
Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross liability position	21		21		—		—		21		—









Long-term debt, including current portiond	9,711		10,994		—		—		10,994		—

a.Current portion included in other current assets and long-term portion included in other assets.

b.Excludes time deposits (which approximated fair value) included in (i) other current assets of $116 million at June 30, 2021, and $97 million at December 31, 2020, and (ii) other assets of $139 million at June 30, 2021, and $148 million at December 31, 2020, primarily associated with an assurance bond to support PT-FI’s commitment for new domestic smelter development in Indonesia and PT-FI’s closure and reclamation guarantees.

c.Refer to Note 6 for further discussion and balance sheet classifications.

d.Recorded at cost except for debt assumed in acquisitions, which are recorded at fair value at the respective acquisition dates.

Summary of Unobservable Input Reconciliation

A summary of the changes in the fair value of FCX’s Level 3 instrument, contingent consideration for the sale of the Deepwater GOM oil and gas properties, during the first six months of 2021 follows (in millions):



Fair value at January 1, 2021	$	88
Net unrealized gain related to assets still held at the end of the period	7
Settlements	(10)
Fair value at June 30, 2021	$	85

Business Segments (Tables)

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Revenue from External Customers by Products and Services

Product Revenues. FCX’s revenues attributable to the products it sold for the second quarters and first six months of 2021 and 2020 follow (in millions):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Copper:
Concentrate	$	2,076	$	749	$	3,785	$	1,598
Cathode	1,535		1,124		2,769		1,961
Rod and other refined copper products	833		303		1,517		845
Purchased coppera	310		166		528		401
Gold	597		341		1,115		611
Molybdenum	288		194		532		437
Otherb	203		115		456		272
Adjustments to revenues:
Treatment charges	(101)		(75)		(198)		(155)
Royalty expensec	(82)		(26)		(145)		(46)
Export dutiesd	(44)		(16)		(73)		(20)
Revenues from contracts with customers	5,615		2,875		10,286		5,904
Embedded derivativese	133		179		312		(52)
Total consolidated revenues	$	5,748	$	3,054	$	10,598	$	5,852

a.FCX purchases copper cathode primarily for processing by its Rod & Refining operations.

b.Primarily includes revenues associated with cobalt and silver.

c.Reflects royalties on sales from PT-FI and Cerro Verde that will vary with the volume of metal sold and prices.

d.Reflects PT-FI export duties.

e.Refer to Note 6 for discussion of embedded derivatives related to FCX’s provisionally priced concentrate and cathode sales contracts.

Schedule of financial information by business segment

Financial Information by Business Segment



(In millions)

																						Atlantic			Corporate,
	North America Copper Mines				South America Mining															Copper				Other
								Cerro							Indonesia			Molybdenum		Rod &		Smelting			& Elimi-			FCX
	Morenci		Other		Total			Verde			Other		Total		Mining			Mines		Refining		& Refining			nations			Total
Three Months Ended June 30, 2021
Revenues:
Unaffiliated customers	$	57	$	55	$	112		$	825		$	188	$	1,013	$	1,753	a	$	—	$	1,689	$	794		$	387	b	$	5,748
Intersegment	721		1,021		1,742			120			—		120		56			89		6		—			(2,013)			—
Production and delivery	351		574		925			494		c	106		600		528			56		1,691		775			(1,508)		d	3,067
Depreciation, depletion and amortization	40		61		101			82			12		94		247			17		1		8			15			483


Selling, general and administrative expenses	1		—		1			2			—		2		27			—		—		5			52			87
Mining exploration and research expenses	—		—		—			—			—		—		—			—		—		—			14			14
Environmental obligations and shutdown costs	1		—		1			—			—		—		—			—		—		—			32			33
Net gain on sales of assets	—		—		—			—			—		—		—			—		—		—			(3)			(3)
Operating income (loss)	385		441		826			367			70		437		1,007			16		3		6			(228)			2,067

Interest expense, net	—		—		—			12			—		12		6			—		—		2			128			148
Provision for income taxes	—		—		—			145			17		162		404			—		—		—			37			603
Total assets at June 30, 2021	2,635		5,288		7,923			8,795			1,795		10,590		18,461			1,740		271		1,117			5,334			45,436
Capital expenditures	22		47		69			23			3		26		314			2		—		7			15			433

Three Months Ended June 30, 2020
Revenues:
Unaffiliated customers	$	20	$	16	$	36		$	471		$	106	$	577	$	683	a	$	—	$	1,106	$	464		$	188	b	$	3,054
Intersegment	447		505		952		e	52			—		52		35			58		8		2			(1,107)			—
Production and delivery	348		439		787			334			104		438		378			61		1,138		446			(854)			2,394
Depreciation, depletion and amortization	43		46		89			88			14		102		124			15		6		7			15			358

Metals inventory adjustments	—		(89)		(89)			—			(57)		(57)		—			1		1		—			5			(139)
Selling, general and administrative expenses	—		1		1			1			—		1		28			—		—		5			56			91
Mining exploration and research expenses	—		1		1			—			—		—		—			—		—		—			17			18
Environmental obligations and shutdown costs	—		—		—			—			—		—		—			—		—		—			11			11

Operating income (loss)	76		123		199			100			45		145		188			(19)		(31)		8			(169)			321

Interest expense, net	1		—		1			20			—		20		1			—		—		1			92			115
Provision for (benefit from) income taxes	—		—		—			29			16		45		78			—		—		1			(28)			96
Total assets at June 30, 2020	2,697		5,198		7,895			8,515			1,631		10,146		16,848			1,777		259		726			2,579			40,230
Capital expenditures	27		121		148			31			20		51		308			4		2		5			9			527

a.Includes PT-FI's sales to PT Smelting totaling $756 million in second-quarter 2021 and $433 million in second-quarter 2020.

b.Includes revenues from FCX's molybdenum sales company, which includes sales of molybdenum produced by the Molybdenum mines and by certain of the North America and South America copper mines.

c.Includes nonrecurring charges totaling $69 million associated with labor-related charges at Cerro Verde for agreements reached with 57 percent of its hourly employees.

d.Includes charges associated with the major maintenance turnaround at the Miami smelter totaling $19 million.

e.Includes hedging losses totaling $24 million related to forward sales contracts covering 150 million pounds of copper sales for May and June 2020 at a fixed price of $2.34 per pound.


(In millions)
																						Atlantic		Corporate,
	North America Copper Mines				South America Mining													Copper		Other
								Cerro							Indonesia			Molybdenum		Rod &		Smelting		& Elimi-			FCX
	Morenci		Other		Total			Verde			Other		Total		Mining			Mines		Refining		& Refining		nations			Total
Six months ended June 30, 2021
Revenues:
Unaffiliated customers	$	61	$	83	$	144		$	1,742		$	363	$	2,105	$	3,136	a	$	—	$	2,998	$	1,481	$	734	b	$	10,598
Intersegment	1,285		1,763		3,048			165			—		165		108			159		13		—		(3,493)			—
Production and delivery	620		1,054		1,674			930		c	209		1,139		983			113		3,007		1,448		(2,511)		d	5,853
Depreciation, depletion and amortization	74		107		181			171			24		195		446			32		2		15		31			902
Metals inventory adjustments	—		—		—			—			—		—		—			1		—		—		—			1
Selling, general and administrative expenses	1		1		2			4			—		4		53			—		—		12		116			187
Mining exploration and research expenses	—		—		—			—			—		—		—			—		—		—		21			21
Environmental obligations and shutdown costs	1		—		1			—			—		—		—			—		—		—		37			38

Net gain on sales of assets	—		—		—			—			—		—		—			—		—		—		(3)			(3)
Operating income (loss)	650		684		1,334			802			130		932		1,762			13		2		6		(450)			3,599

Interest expense, net	—		—		—			25			—		25		7			—		—		3		258			293
Provision for (benefit from) income taxes	—		—		—			318			38		356		719			—		—		—		(29)			1,046

Capital expenditures	32		63		95			43			4		47		624			3		1		13		20			803

Six months ended June 30, 2020
Revenues:
Unaffiliated customers	$	22	$	23	$	45		$	847		$	204	$	1,051	$	1,128	a	$	—	$	2,221	$	893	$	514	b	$	5,852
Intersegment	889		1,039		1,928		e	90			—		90		35			129		16		13		(2,211)			—
Production and delivery	697		950		1,647			758			214		972		721			127		2,257		857		(1,642)			4,939
Depreciation, depletion and amortization	87		94		181			181			29		210		225			31		8		14		30			699

Metals inventory adjustments	4		52		56			—			3		3		—			5		1		—		18			83
Selling, general and administrative expenses	1		1		2			3			—		3		56			—		—		10		130			201
Mining exploration and research expenses	—		2		2			—			—		—		—			—		—		—		32			34
Environmental obligations and shutdown costs	—		—		—			—			—		—		—			—		1		—		36			37

Net loss on sales of assets	—		—		—			—			—		—		—			—		—		—		11			11
Operating income (loss)	122		(37)		85			(5)			(42)		(47)		161			(34)		(30)		25		(312)			(152)

Interest expense, net	2		—		2			48			—		48		2			—		—		4		186			242
(Benefit from) provision for income taxes	—		—		—			(23)			(10)		(33)		90			—		—		1		(22)			36

Capital expenditures	71		261		332			90			35		125		634			11		4		11		20			1,137

a.Includes PT-FI's sales to PT Smelting totaling $1.5 billion for the first six months of 2021 and $813 million for the first six months of 2020.

b.Includes revenues from FCX's molybdenum sales company, which includes sales of molybdenum produced by the Molybdenum mines and by certain of the North America and South America copper mines.

c.Includes nonrecurring charges totaling $69 million associated with labor-related charges at Cerro Verde for agreements reached with 57 percent of its hourly employees.

d.Includes charges associated with the major maintenance turnaround at the Miami smelter totaling $87 million.

e.Includes hedging losses totaling $24 million related to forward sales contracts covering 150 million pounds of copper sales for May and June 2020 at a fixed price of $2.34 per pound.

General Information (Unaudited) (Details) - USD ($) $ in Millions				3 Months Ended	6 Months Ended
	Jul. 26, 2021	Jun. 30, 2021	Apr. 30, 2021	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2021	Dec. 31, 2020
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Proceeds from sale of receivables, gross				$ 135.0	$ 188.0
Assets		$ 45,436.0		45,436.0	45,436.0	$ 40,230.0		$ 42,144.0
Liabilities		24,501.0		24,501.0	24,501.0			$ 23,476.0
Payments to Acquire Equity Method Investments					33.0	$ 0.0
Subsequent event
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Proceeds from divestiture	$ 100.0
FCX
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Proceeds from divestiture		125.0
FCX \| Subsequent event
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Part noncash divestiture, consideration received	85.0
Contingent consideration, asset	$ 40.0
Freeport Cobalt
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Assets		180.0		180.0	180.0
Liabilities		$ 28.0		$ 28.0	$ 28.0
PT Smelting
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Business acquisition, percent of common stock acquired			14.50%
Payments to Acquire Equity Method Investments			$ 33.0
PT Smelting
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Equity method investment, percentage ownership			39.50%				25.00%
Jervois \| Subsequent event
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Noncontrolling interest, ownership percentage by parent	56.00%
Divestiture of business, percent of shares owned	9.90%

Earnings per Share (Unaudited) Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Net income (loss) from continuing operations	$ 1,331	$ 124	$ 2,284	$ (425)
Net income attributable to noncontrolling interests	(248)	(71)	(483)	(13)
Undistributed earnings allocated to participating securities	(4)	(3)	(4)	(3)
Net income (loss) attributable to common stockholders	$ 1,079	$ 50	$ 1,797	$ (441)
Basic weighted-average shares of common stock outstanding	1,467	1,453	1,465	1,453
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs)	16	5	15	0
Diluted weighted-average shares of common stock outstanding	1,483	1,458	1,480	1,453
Basic and diluted net income (loss) per share attributable to common stockholders:
Earnings per share, basic (in dollars per share)	$ 0.74	$ 0.03	$ 1.23	$ (0.30)
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		10
Dilutive Securities Excluded from Computation of EPS Amount	4	38	7	39
Earnings Per Share, Diluted	$ 0.73	$ 0.03	$ 1.21	$ (0.30)

Inventories, Including Long-Term Mill and Leach Stockpiles (Unaudited) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Components of Inventories [Line Items]
Total materials and supplies, net	$ 1,616		$ 1,616		$ 1,594
Mill stockpiles, current	172		172		205
Leach stockpiles, current	834		834		809
Total current mill and leach stockpiles	1,006		1,006		1,014
Raw materials (primarily concentrate)	433		433		366
Work-in-process	200		200		174
Finished goods	963		963		745
Total product	1,596		1,596		1,285
Mill stockpiles, noncurrent	242		242		223
Leach stockpiles, noncurrent	1,231		1,231		1,240
Total long-term mill and leach stockpiles	1,473		1,473		1,463
Inventory obsolescence reserves	33		33		$ 32
Metals inventory adjustments	$ 0	$ 139	$ (1)	$ (83)
Copper
Components of Inventories [Line Items]
Metals inventory adjustments		144		(61)
Molybdenum
Components of Inventories [Line Items]
Metals inventory adjustments		$ 5		$ (22)

Income Taxes (Unaudited) (Details) - USD ($) $ in Millions	1 Months Ended			3 Months Ended		6 Months Ended
Income Taxes (Unaudited) (Details) - USD ($) $ in Millions	Mar. 31, 2021	Oct. 31, 2020	Jul. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
U.S. operations						$ (4)	$ 58
International operations						(1,042)	(94)
Total				$ (603)	$ (96)	$ (1,046)	$ (36)
Consolidated effective income tax rate (percent)						31.00%	(9.00%)
Proceeds from Income Tax Refunds	$ 23	$ 24	$ 221

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Debt and Equity (Details) $ / shares in Units, $ in Millions		1 Months Ended	3 Months Ended				4 Months Ended	6 Months Ended		12 Months Ended		34 Months Ended	38 Months Ended
	Jun. 23, 2021 $ / shares	Jul. 31, 2021 USD ($)	Dec. 31, 2022	Sep. 30, 2021	Jun. 30, 2021 USD ($) $ / shares	Jun. 30, 2020 USD ($) $ / shares	Jun. 30, 2021 USD ($)	Jun. 30, 2021 USD ($) $ / shares	Jun. 30, 2020 USD ($) $ / shares	Dec. 31, 2023	Dec. 31, 2022	Apr. 30, 2024	Apr. 30, 2024	Dec. 31, 2020 USD ($)	Mar. 31, 2020 USD ($)
Total Debt [Abstract]
Long-term Debt and Lease Obligation, Including Current Maturities					$ 9,695.0		$ 9,695.0	$ 9,695.0						$ 9,711.0
Current portion of debt					(1,057.0)		(1,057.0)	(1,057.0)						(34.0)
Long-term debt, less current portion					8,638.0		$ 8,638.0	8,638.0						9,677.0
Debt Instrument, Covenant Compliance, Leverage Ratio							5.25
Interest costs					165.0	$ 159.0		325.0	$ 330.0
Net loss on early extinguishment of debt					$ 0.0	$ (9.0)		$ 0.0	$ (41.0)
Dividends declared per share of common stock (in dollars per share) \| $ / shares					$ 0.075	$ 0		$ 0.15	$ 0
COVID Response, Dividend Suspended, Price Per Share \| $ / shares	$ 0.075
Property, Plant and Equipment [Member]
Total Debt [Abstract]
Interest costs capitalized					$ 17.0	$ 44.0		$ 32.0	$ 88.0
Line of Credit [Member] \| Term Loan \| Subsequent event
Total Debt [Abstract]
Long-term Debt and Lease Obligation, Including Current Maturities		$ 667.0
Line of Credit [Member] \| Cerro Verde [Member]
Total Debt [Abstract]
Long-term Debt and Lease Obligation, Including Current Maturities					524.0		$ 524.0	524.0						523.0
Line of Credit [Member] \| Cerro Verde [Member] \| 3.55% Senior Notes Due March 2022
Total Debt [Abstract]
Current portion of debt					(500.0)		(500.0)	(500.0)
Line of Credit [Member] \| Cerro Verde [Member] \| 3.55% Senior Notes Due June 2022
Total Debt [Abstract]
Current portion of debt					(500.0)		(500.0)	(500.0)
Line of Credit [Member] \| Letter of Credit [Member]
Total Debt [Abstract]
Letter of credit					8.0		8.0	8.0
Revolving credit facility, availability					1,500.0		1,500.0	1,500.0
Line of Credit [Member] \| Revolving Credit Facility [Member]
Total Debt [Abstract]
Long-term Debt and Lease Obligation, Including Current Maturities					0.0		0.0	0.0
Revolving credit facility, availability					3,500.0		3,500.0	3,500.0
Line of Credit [Member] \| Revolving Credit Facility [Member] \| Subsequent event
Total Debt [Abstract]
Letter of credit		$ 333.0
Line of Credit [Member] \| Revolving Credit Facility [Member] \| London Interbank Offered Rate (LIBOR) \| Minimum \| Subsequent event
Total Debt [Abstract]
Debt Instrument, Basis Spread on Variable Rate		1.875%
Line of Credit [Member] \| Revolving Credit Facility [Member] \| London Interbank Offered Rate (LIBOR) \| Maximum \| Subsequent event
Total Debt [Abstract]
Debt Instrument, Basis Spread on Variable Rate		2.125%
Line of Credit [Member] \| Revolving Credit Facility [Member] \| Maturing 2024 [Member]
Total Debt [Abstract]
Revolving credit facility, availability					3,280.0		3,280.0	3,280.0
Line of Credit [Member] \| Revolving Credit Facility [Member] \| Maturing 2023 [Member]
Total Debt [Abstract]
Revolving credit facility, availability					220.0		220.0	220.0
Line of Credit [Member] \| Unsecured Credit Facility \| Subsequent event
Total Debt [Abstract]
Debt, principal		$ 1,000.0
Senior Notes [Member]
Total Debt [Abstract]
Debt, principal															$ 1,300.0
Net loss on early extinguishment of debt						$ (9.0)			$ (41.0)
Senior Notes [Member] \| 4.00% Senior Notes Due 2021
Total Debt [Abstract]
Stated interest rate															4.00%
Senior Notes [Member] \| 3.55% Senior Notes Due 2022
Total Debt [Abstract]
Stated interest rate															3.55%
Senior Notes [Member] \| FCX
Total Debt [Abstract]
Long-term Debt and Lease Obligation, Including Current Maturities					8,787.0		8,787.0	8,787.0						8,783.0
Debentures [Member] \| Freeport McMoRan Corporation [Member]
Total Debt [Abstract]
Long-term Debt and Lease Obligation, Including Current Maturities					356.0		356.0	356.0						356.0
Other Debt, Including Capital Leases and Short Term Borrowings [Member]
Total Debt [Abstract]
Long-term Debt and Lease Obligation, Including Current Maturities					$ 28.0		$ 28.0	$ 28.0						$ 49.0
Term Loan \| Subsequent event
Total Debt [Abstract]
Line of Credit Facility, Maximum Borrowing Capacity		$ 667.0
Forecast
Total Debt [Abstract]
Debt Instrument, Covenant Compliance, Leverage Ratio												3.75
Debt Instrument, Covenant, Interest Coverage Ratio, Minimum													2.25
Forecast \| Revolving Credit Facility [Member] \| Credit Agreement [Member]
Total Debt [Abstract]
Debt Instrument, Covenant Compliance, Leverage Ratio			3.75	5.25
Debt Instrument, Covenant, Interest Coverage Ratio, Minimum										2.75	2.00

Financial Instruments (Unrealized gains losses) (Details) oz in Thousands, lb in Millions, $ in Millions	1 Months Ended	2 Months Ended	3 Months Ended		6 Months Ended
	Apr. 30, 2020 lb	Jun. 30, 2020 $ / lb	Jun. 30, 2021 USD ($) $ / lb $ / oz $ / lb	Jun. 30, 2020 USD ($) lb $ / lb	Jun. 30, 2021 USD ($) lb oz $ / lb $ / oz $ / lb	Jun. 30, 2020 USD ($) lb $ / lb
North America
Realized gains (losses):
Percent of Copper Sale Volume		60.00%
Not Designated as Hedging Instrument [Member] \| Amounts recorded in Sales [Member]
Realized gains (losses):
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net			$ 133	$ 179	$ 312	$ (52)
Commodity Contract [Member]
Unrealized gains (losses):
Derivative financial instruments			(11)	40	(8)	7
Hedged item – firm sales commitments			11	(40)	8	(7)
Realized gains (losses):
Matured derivative financial instruments			$ 28	(8)	$ 52	(17)
Commodity Contract [Member] \| Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass \| lb					80
Derivative, Average Forward Price \| $ / lb			4.20		4.20
Copper Forward Contracts [Member]
Unrealized gains (losses):
Derivative financial instruments				$ 24		$ 24
Realized gains (losses):
Derivative, Forward Price \| $ / lb		2.34		2.34		2.34
Copper Forward Contracts [Member] \| Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass \| lb	150			150		150
Copper Forward Contracts [Member] \| Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass \| lb					17
Derivative, Average Forward Price \| $ / lb			4.36		4.36
Copper Forward Contracts [Member] \| Not Designated as Hedging Instrument [Member] \| Amounts recorded in Cost of Sales
Realized gains (losses):
Matured derivative financial instruments			$ (5)	$ (4)	$ (13)	$ 19
Copper \| Not Designated as Hedging Instrument [Member] \| Amounts recorded in Sales [Member]
Realized gains (losses):
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net			$ 118	162	$ 325	(76)
Copper \| Short [Member] \| Embedded Derivative Financial Instruments [Member] \| Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass \| lb					597
Derivative, Average Forward Price \| $ / lb			4.31		4.31
Realized gains (losses):
Derivative Average Market Price \| $ / lb			4.25		4.25
Copper \| Long [Member] \| Embedded Derivative Financial Instruments [Member] \| Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass \| lb					115
Derivative, Average Forward Price \| $ / lb			4.30		4.30
Realized gains (losses):
Derivative Average Market Price \| $ / lb			4.25		4.25
Gold \| Short [Member] \| Embedded Derivative Financial Instruments [Member] \| Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass \| oz					157
Derivative, Average Forward Price \| $ / oz			1,848		1,848
Realized gains (losses):
Derivative Average Market Price \| $ / oz			1,762		1,762
gold and other \| Not Designated as Hedging Instrument [Member] \| Amounts recorded in Sales [Member]
Realized gains (losses):
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net			$ 15	$ 17	$ (13)	$ 24

Financial Instruments (Unsettled Derivatives) (Details) oz in Thousands, lb in Millions, $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Apr. 30, 2020 lb	Jun. 30, 2021 USD ($) $ / lb $ / oz $ / lb	Jun. 30, 2020 USD ($) lb	Jun. 30, 2021 USD ($) lb oz $ / lb $ / oz $ / lb	Jun. 30, 2020 USD ($) lb	Dec. 31, 2020 USD ($)
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset		$ 72		$ 72		$ 184
Derivative Liability, Fair Value, Gross Liability		108		108		21
Derivative Asset, Fair Value, Gross Liability		16		16		1
Derivative Liability, Fair Value, Gross Asset		16		16		1
Derivative Asset		56		56		183
Derivative Liability		92		92		20
Trade accounts receivable [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset		30		30		168
Derivative Liability		62		62		0
Accounts Payable and Accrued Liabilities
Derivatives, Fair Value [Line Items]
Derivative Asset		17		17		0
Derivative Liability		29		29		20
Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset		8		8		15
Derivative Liability		0		0		0
Other Assets
Derivatives, Fair Value [Line Items]
Derivative Asset		1		1		0
Derivative Liability		0		0		0
Other Liabilities
Derivatives, Fair Value [Line Items]
Derivative Asset		0		0		0
Derivative Liability		1		1		0
Commodity Contract [Member]
Derivatives, Fair Value [Line Items]
Matured derivative financial instruments		28	$ (8)	52	$ (17)
Derivative Asset, Fair Value, Gross Asset		10		10		15
Derivative Liability, Fair Value, Gross Liability		5		5		0
Derivative Asset, Fair Value, Gross Liability		2		2		0
Derivative Liability, Fair Value, Gross Asset		2		2		0
Derivative Asset		8		8		15
Derivative Liability		3		3		0
Embedded Derivative Financial Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset		62		62		169
Derivative Liability, Fair Value, Gross Liability		103		103		21
Derivative Asset, Fair Value, Gross Liability		14		14		1
Derivative Liability, Fair Value, Gross Asset		14		14		1
Derivative Asset		48		48		168
Derivative Liability		89		89		20
Designated as Hedging Instrument [Member] \| Commodity Contract [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset		$ 8		$ 8		15
Derivative, Nonmonetary Notional Amount, Mass \| lb				80
Derivative, Average Forward Price \| $ / lb		4.20		4.20
Designated as Hedging Instrument [Member] \| Forward Contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative, Nonmonetary Notional Amount, Mass \| lb	150		150		150
Not Designated as Hedging Instrument [Member] \| Embedded Derivative Financial Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset		$ 62		$ 62		169
Derivative Liability, Fair Value, Gross Liability		$ 103		$ 103		21
Not Designated as Hedging Instrument [Member] \| Forward Contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative, Nonmonetary Notional Amount, Mass \| lb				17
Derivative, Average Forward Price \| $ / lb		4.36		4.36
Future [Member] \| Not Designated as Hedging Instrument [Member] \| FMC's Copper Futures and Swap Contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Liability		$ 1		$ 1		0
Commodity Contract [Member] \| Not Designated as Hedging Instrument [Member] \| Forward Contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset		2		2		0
Derivative Liability, Fair Value, Gross Liability		$ 4		$ 4		$ 0
Copper \| Short [Member] \| Not Designated as Hedging Instrument [Member] \| Embedded Derivative Financial Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Average Market Price \| $ / lb		4.25		4.25
Derivative, Nonmonetary Notional Amount, Mass \| lb				597
Derivative, Average Forward Price \| $ / lb		4.31		4.31
Copper \| Long [Member] \| Not Designated as Hedging Instrument [Member] \| Embedded Derivative Financial Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Average Market Price \| $ / lb		4.25		4.25
Derivative, Nonmonetary Notional Amount, Mass \| lb				115
Derivative, Average Forward Price \| $ / lb		4.30		4.30
Gold \| Short [Member] \| Not Designated as Hedging Instrument [Member] \| Embedded Derivative Financial Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Average Market Price \| $ / oz		1,762		1,762
Derivative, Nonmonetary Notional Amount, Mass \| oz				157
Derivative, Average Forward Price \| $ / oz		1,848		1,848
Sales [Member] \| Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net		$ 133	$ 179	$ 312	$ (52)
Sales [Member] \| Copper \| Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net		118	162	325	(76)
Sales [Member] \| gold and other \| Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net		15	17	(13)	24
Cost of Sales [Member] \| Not Designated as Hedging Instrument [Member] \| Forward Contracts [Member]
Derivatives, Fair Value [Line Items]
Matured derivative financial instruments		$ (5)	$ (4)	$ (13)	$ 19

Financial Instruments (Derivative) (Details) $ in Millions	3 Months Ended	6 Months Ended
Financial Instruments (Derivative) (Details) $ in Millions	Jun. 30, 2020 USD ($) $ / lb	Jun. 30, 2020 USD ($) $ / lb	Jun. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents			$ 6,313	$ 3,657
Restricted Cash and Cash Equivalents, Current			116	97
Restricted Cash and Cash Equivalents, Noncurrent			140	149
Total cash, cash equivalents, restricted cash and restricted cash equivalents presented in the consolidated statements of cash flows	$ 1,729	$ 1,729	6,569	3,903	$ 2,278
Credit Derivative, Maximum Exposure, Undiscounted			72
Forward Contracts [Member]
Cash and Cash Equivalents [Line Items]
Derivative, Forward Price \| $ / lb	2.34	2.34
Derivative financial instruments	$ 24	$ 24
Bank Time Deposits [Member]
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents			$ 200	$ 300

Fair Value Measurement (Fair Value Measurement Inputs) (Details) - USD ($) $ in Millions	6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Other Assets, Current	$ 390			$ 341
Other assets	1,528			1,560
Proceeds from Sale of Other Assets, contingent consideration	16	$ 116
Derivative Liability, Fair Value, Gross Liability	108			21
Investment securities (current and long-term):
Marketable Securities	0
Derivatives:
Derivative Asset	56			183
Derivatives: [Abstract]
Derivative Liability	92			20
Fair Value Measured at Net Asset Value Per Share [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Discontinued Operation, Contingent Receivable	0			0
Investment securities (current and long-term):
Investments, Fair Value Disclosure	29			29
Trust Assets Fair Value Disclosure	64			65
Derivatives:
Derivative Asset	0			0
Derivatives: [Abstract]
Derivative Liability	0
Long-term debt, including current portion	0			0
Level 1
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Discontinued Operation, Contingent Receivable	0			0
Investment securities (current and long-term):
Investments, Fair Value Disclosure	15			7
Trust Assets Fair Value Disclosure	6			5
Derivatives:
Derivative Asset	5			13
Derivatives: [Abstract]
Derivative Liability	2
Long-term debt, including current portion	0			0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Discontinued Operation, Contingent Receivable	0			0
Investment securities (current and long-term):
Investments, Fair Value Disclosure	0			0
Trust Assets Fair Value Disclosure	139			143
Derivatives:
Derivative Asset	67			171
Derivatives: [Abstract]
Derivative Liability	106
Long-term debt, including current portion	10,853			10,994
Level 3
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Discontinued Operation, Contingent Receivable	85			88
Investment securities (current and long-term):
Investments, Fair Value Disclosure	0			0
Trust Assets Fair Value Disclosure	0			0
Derivatives:
Derivative Asset	0			0
Derivatives: [Abstract]
Derivative Liability	0
Long-term debt, including current portion	0			0
Estimate of Fair Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Discontinued Operation, Contingent Receivable	85			88
Investment securities (current and long-term):
Investments, Fair Value Disclosure	44			36
Trust Assets Fair Value Disclosure	209			213
Derivatives:
Derivative Asset	72			184
Derivatives: [Abstract]
Derivative Liability	108
Long-term debt, including current portion	10,853			10,994
Carrying Amount, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Discontinued Operation, Contingent Receivable	98			108
Investment securities (current and long-term):
Investments, Fair Value Disclosure	44			36
Trust Assets Fair Value Disclosure	209			213
Derivatives:
Derivative Asset	72			184
Derivatives: [Abstract]
Derivative Liability	108
Long-term debt, including current portion	9,695			9,711
Embedded Derivative Financial Instruments [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Derivative Liability, Fair Value, Gross Liability	103			21
Derivatives:
Derivative Asset	48			168
Derivatives: [Abstract]
Derivative Liability	89			20
Embedded Derivative Financial Instruments [Member] \| Fair Value Measured at Net Asset Value Per Share [Member]
Derivatives:
Derivative Asset	0			0
Derivatives: [Abstract]
Derivative Liability	0			0
Embedded Derivative Financial Instruments [Member] \| Level 1
Derivatives:
Derivative Asset	0			0
Derivatives: [Abstract]
Derivative Liability	0			0
Embedded Derivative Financial Instruments [Member] \| Level 2
Derivatives:
Derivative Asset	62			169
Derivatives: [Abstract]
Derivative Liability	103			21
Embedded Derivative Financial Instruments [Member] \| Level 3
Derivatives:
Derivative Asset	0			0
Derivatives: [Abstract]
Derivative Liability	0			0
Embedded Derivative Financial Instruments [Member] \| Estimate of Fair Value Measurement [Member]
Derivatives:
Derivative Asset	62			169
Derivatives: [Abstract]
Derivative Liability	103			21
Embedded Derivative Financial Instruments [Member] \| Carrying Amount, Fair Value Disclosure [Member]
Derivatives:
Derivative Asset	62			169
Derivatives: [Abstract]
Derivative Liability	103			21
Forward Contracts [Member] \| Level 1
Derivatives:
Derivative Asset	1
Forward Contracts [Member] \| Level 2
Derivatives:
Derivative Asset	1
Forward Contracts [Member] \| Level 3
Derivatives:
Derivative Asset	0
Forward Contracts [Member] \| Estimate of Fair Value Measurement [Member]
Derivatives:
Derivative Asset	2
Forward Contracts [Member] \| Carrying Amount, Fair Value Disclosure [Member]
Derivatives:
Derivative Asset	2
Commodity Contract [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Derivative Liability, Fair Value, Gross Liability	5			0
Derivatives:
Derivative Asset	8			15
Derivatives: [Abstract]
Derivative Liability	3			0
Commodity Contract [Member] \| Fair Value Measured at Net Asset Value Per Share [Member]
Derivatives:
Derivative Asset	0			0
Commodity Contract [Member] \| Fair Value Measured at Net Asset Value Per Share [Member] \| Futures and Swaps
Derivatives: [Abstract]
Derivative Liability	0
Commodity Contract [Member] \| Fair Value Measured at Net Asset Value Per Share [Member] \| Forward Contracts [Member]
Derivatives: [Abstract]
Derivative Liability	0
Commodity Contract [Member] \| Level 1
Derivatives:
Derivative Asset				13
Commodity Contract [Member] \| Level 1 \| Futures and Swaps
Derivatives: [Abstract]
Derivative Liability	1
Commodity Contract [Member] \| Level 1 \| Forward Contracts [Member]
Derivatives: [Abstract]
Derivative Liability	1
Commodity Contract [Member] \| Level 2
Derivatives:
Derivative Asset				2
Commodity Contract [Member] \| Level 2 \| Futures and Swaps
Derivatives: [Abstract]
Derivative Liability	0
Commodity Contract [Member] \| Level 2 \| Forward Contracts [Member]
Derivatives: [Abstract]
Derivative Liability	3
Commodity Contract [Member] \| Level 3
Derivatives:
Derivative Asset				0
Commodity Contract [Member] \| Level 3 \| Futures and Swaps
Derivatives: [Abstract]
Derivative Liability	0
Commodity Contract [Member] \| Level 3 \| Forward Contracts [Member]
Derivatives: [Abstract]
Derivative Liability	0
Commodity Contract [Member] \| Estimate of Fair Value Measurement [Member]
Derivatives:
Derivative Asset				15
Commodity Contract [Member] \| Estimate of Fair Value Measurement [Member] \| Futures and Swaps
Derivatives: [Abstract]
Derivative Liability	1
Commodity Contract [Member] \| Estimate of Fair Value Measurement [Member] \| Forward Contracts [Member]
Derivatives: [Abstract]
Derivative Liability	4
Commodity Contract [Member] \| Carrying Amount, Fair Value Disclosure [Member]
Derivatives:
Derivative Asset				15
Commodity Contract [Member] \| Carrying Amount, Fair Value Disclosure [Member] \| Futures and Swaps
Derivatives: [Abstract]
Derivative Liability	1
Commodity Contract [Member] \| Carrying Amount, Fair Value Disclosure [Member] \| Forward Contracts [Member]
Derivatives: [Abstract]
Derivative Liability	4
Future [Member] \| Level 1
Derivatives:
Derivative Asset	4
Future [Member] \| Level 2
Derivatives:
Derivative Asset	4
Future [Member] \| Level 3
Derivatives:
Derivative Asset	0
Future [Member] \| Estimate of Fair Value Measurement [Member]
Derivatives:
Derivative Asset	8
Future [Member] \| Carrying Amount, Fair Value Disclosure [Member]
Derivatives:
Derivative Asset	8
U.S. core fixed income fund [Member] \| Fair Value Measured at Net Asset Value Per Share [Member]
Investment securities (current and long-term):
Marketable Securities	29			29
Trust Assets Fair Value Disclosure	64			65
U.S. core fixed income fund [Member] \| Level 1
Investment securities (current and long-term):
Marketable Securities	0			0
Trust Assets Fair Value Disclosure	0			0
U.S. core fixed income fund [Member] \| Level 2
Investment securities (current and long-term):
Marketable Securities	0			0
Trust Assets Fair Value Disclosure	0			0
U.S. core fixed income fund [Member] \| Level 3
Investment securities (current and long-term):
Marketable Securities	0			0
Trust Assets Fair Value Disclosure	0			0
U.S. core fixed income fund [Member] \| Estimate of Fair Value Measurement [Member]
Investment securities (current and long-term):
Marketable Securities	29			29
Trust Assets Fair Value Disclosure	64			65
U.S. core fixed income fund [Member] \| Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Marketable Securities	29			29
Trust Assets Fair Value Disclosure	64			65
Equity securities \| Fair Value Measured at Net Asset Value Per Share [Member]
Investment securities (current and long-term):
Marketable Securities				0
Equity securities \| Level 1
Investment securities (current and long-term):
Marketable Securities	15			7
Equity securities \| Level 2
Investment securities (current and long-term):
Marketable Securities	0			0
Equity securities \| Level 3
Investment securities (current and long-term):
Marketable Securities	0			0
Equity securities \| Estimate of Fair Value Measurement [Member]
Investment securities (current and long-term):
Marketable Securities	15			7
Equity securities \| Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Marketable Securities	15			7
Government bonds \| Fair Value Measured at Net Asset Value Per Share [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0			0
Government bonds \| Level 1
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0			0
Government bonds \| Level 2
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	54			49
Government bonds \| Level 3
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0			0
Government bonds \| Estimate of Fair Value Measurement [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	54			49
Government bonds \| Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	54			49
Corporate bonds [Member] \| Fair Value Measured at Net Asset Value Per Share [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0			0
Corporate bonds [Member] \| Level 1
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0			0
Corporate bonds [Member] \| Level 2
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	40			43
Corporate bonds [Member] \| Level 3
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0			0
Corporate bonds [Member] \| Estimate of Fair Value Measurement [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	40			43
Corporate bonds [Member] \| Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	40			43
Government mortgage-backed securities [Member] \| Fair Value Measured at Net Asset Value Per Share [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0			0
Government mortgage-backed securities [Member] \| Level 1
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0			0
Government mortgage-backed securities [Member] \| Level 2
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	29			30
Government mortgage-backed securities [Member] \| Level 3
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0			0
Government mortgage-backed securities [Member] \| Estimate of Fair Value Measurement [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	29			30
Government mortgage-backed securities [Member] \| Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	29			30
Asset-backed securities [Member] \| Fair Value Measured at Net Asset Value Per Share [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0			0
Asset-backed securities [Member] \| Level 1
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0			0
Asset-backed securities [Member] \| Level 2
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	12			16
Asset-backed securities [Member] \| Level 3
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0			0
Asset-backed securities [Member] \| Estimate of Fair Value Measurement [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	12			16
Asset-backed securities [Member] \| Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	12			16
Money market funds [Member] \| Fair Value Measured at Net Asset Value Per Share [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0			0
Money market funds [Member] \| Level 1
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	6			5
Money market funds [Member] \| Level 2
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0			0
Money market funds [Member] \| Level 3
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0			0
Money market funds [Member] \| Estimate of Fair Value Measurement [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	6			5
Money market funds [Member] \| Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	6			5
Collateralized Mortgage Backed Securities [Member] \| Fair Value Measured at Net Asset Value Per Share [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0			0
Collateralized Mortgage Backed Securities [Member] \| Level 1
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0			0
Collateralized Mortgage Backed Securities [Member] \| Level 2
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	3			4
Collateralized Mortgage Backed Securities [Member] \| Level 3
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0			0
Collateralized Mortgage Backed Securities [Member] \| Estimate of Fair Value Measurement [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	3			4
Collateralized Mortgage Backed Securities [Member] \| Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	3			4
Municipal bonds [Member] \| Fair Value Measured at Net Asset Value Per Share [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0			0
Municipal bonds [Member] \| Level 1
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0			0
Municipal bonds [Member] \| Level 2
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	1			1
Municipal bonds [Member] \| Level 3
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0			0
Municipal bonds [Member] \| Estimate of Fair Value Measurement [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	1			1
Municipal bonds [Member] \| Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	1			1
Bank Time Deposits [Member] \| Carrying Amount, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Other Assets, Current	116			97
Other assets	139			148
Not Designated as Hedging Instrument [Member] \| Embedded Derivative Financial Instruments [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Derivative Liability, Fair Value, Gross Liability	103			21
Freeport-McMoRan Oil & Gas \| Onshore California [Member]
Derivatives:
Discontinued Operation, Contingent Receivable, Per Year	50
Freeport-McMoRan Oil & Gas \| Deepwater Gulf of Mexico Interests [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Other Assets, Current	18			12
Other assets	80			$ 96
Discontinued Operation, Contingent Receivable					$ 150
Forecast \| Freeport-McMoRan Oil & Gas \| Onshore California [Member]
Derivatives:
Discontinued Operation, Contingent Receivable, Per Year			$ 50
Fair Value, Recurring [Member] \| Forward Contracts [Member] \| Estimate of Fair Value Measurement [Member]
Derivatives:
Derivative Asset	$ 0

Fair Value Measurement (Unobservable inputs) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Other Assets, Current	$ 390	$ 341
Other Assets, Noncurrent	1,528	$ 1,560
Gulf of Mexico Contingent Consideration [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements	(10)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at January 1, 2021	88
Net unrealized gain related to assets still held at the end of the period	7
Fair value at June 30, 2021	$ 85

Contingencies and Commitments (Unaudited) - Other Matters (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2021	Sep. 30, 2020
Loss Contingencies [Line Items]
Remediation liability		$ 308.0		$ 308.0
Settlement Liabilities, Current		130.0		130.0
Subsequent event
Loss Contingencies [Line Items]
Estimated Construction Costs	$ 2,800.0
PT Smelting \| PT Freeport Indonesia
Loss Contingencies [Line Items]
Administrative fine		$ 3.0	$ 13.0	$ 16.0	$ 149.0

Business Segments (Product Revenue) (Details) $ in Millions	3 Months Ended		6 Months Ended
Business Segments (Product Revenue) (Details) $ in Millions	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2021 USD ($) segment	Jun. 30, 2020 USD ($)
Revenue from External Customer [Line Items]
Treatment And Refining Charges Included In Copper Concentrates Revenues	$ (101)	$ (75)	$ (198)	$ (155)
Royalty Expense	(82)	(26)	(145)	(46)
Export duties expense	(44)	(16)	(73)	(20)
Revenue from Contract with Customer, Excluding Assessed Tax	5,615	2,875	10,286	5,904
Revenues	5,748	3,054	$ 10,598	5,852
Number of Operating Segments \| segment			4
Deferred Intercompany Profit, Percentage			39.50%
Sales [Member] \| Not Designated as Hedging Instrument [Member]
Revenue from External Customer [Line Items]
Matured derivative financial instruments	133	179	$ 312	(52)
Copper In Concentrates [Member]
Revenue from External Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	2,076	749	3,785	1,598
Copper Cathode [Member]
Revenue from External Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	1,535	1,124	2,769	1,961
Refined Copper Products [Member]
Revenue from External Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	833	303	1,517	845
Purchased Copper [Member]
Revenue from External Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	310	166	528	401
Gold
Revenue from External Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	597	341	1,115	611
Molybdenum
Revenue from External Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	288	194	532	437
Other Products Or Services [Member]
Revenue from External Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	$ 203	$ 115	$ 456	$ 272

Business Segments (Segment Reporting) (Details) lb in Millions, $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Apr. 30, 2020 lb	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($) lb $ / lb	Jun. 30, 2021 USD ($) segment	Jun. 30, 2020 USD ($) lb $ / lb	Dec. 31, 2020 USD ($)
Segment Reporting Information [Line Items]
Number of Operating Segments \| segment				4
Deferred Intercompany Profit, Percentage				39.50%
Revenues		$ 5,748	$ 3,054	$ 10,598	$ 5,852
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31)		(3,067)	(2,394)	(5,853)	(4,939)
Cost, Depreciation, Amortization and Depletion		483	358	902	699
Metals inventory adjustments		0	(139)	1	83
Selling, general and administrative expenses		(87)	(91)	(187)	(201)
Mining exploration and research expenses		14	18	21	34
Environmental obligations and shutdown costs		33	11	38	37
Net gain on sales of assets		(3)	0	(3)	11
Operating income (loss)		2,067	321	3,599	(152)
Interest expense, net		148	115	293	242
Provision for (benefit from) income taxes		603	96	1,046	36
Total assets		45,436	40,230	45,436	40,230	$ 42,144
Capital expenditures		$ 433	527	803	$ 1,137
Cerro Verde [Member]
Segment Reporting Information [Line Items]
Percent of Hourly Employees		57.00%			57.00%
Operating Segments \| North America
Segment Reporting Information [Line Items]
Revenues		$ 112	36	144	$ 45
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31)		(925)	(787)	(1,674)	(1,647)
Cost, Depreciation, Amortization and Depletion		101	89	181	181
Metals inventory adjustments			(89)	0	56
Selling, general and administrative expenses		(1)	(1)	(2)	(2)
Mining exploration and research expenses		0	1	0	2
Environmental obligations and shutdown costs		1	0	1	0
Net gain on sales of assets		0		0	0
Operating income (loss)		826	199	1,334	85
Interest expense, net		0	1	0	2
Provision for (benefit from) income taxes		0	0	0	0
Total assets		7,923	7,895	7,923	7,895
Capital expenditures		69	148	95	332
Operating Segments \| South America
Segment Reporting Information [Line Items]
Revenues		1,013	577	2,105	1,051
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31)		(600)	(438)	(1,139)	(972)
Cost, Depreciation, Amortization and Depletion		94	102	195	210
Metals inventory adjustments			(57)	0	3
Selling, general and administrative expenses		(2)	(1)	(4)	(3)
Mining exploration and research expenses		0	0	0	0
Environmental obligations and shutdown costs		0	0	0	0
Net gain on sales of assets		0		0	0
Operating income (loss)		437	145	932	(47)
Interest expense, net		12	20	25	48
Provision for (benefit from) income taxes		162	45	356	(33)
Total assets		10,590	10,146	10,590	10,146
Capital expenditures		26	51	47	125
Corporate And Eliminations
Segment Reporting Information [Line Items]
Revenues		387	188	734	514
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31)		1,508	854	2,511	1,642
Cost, Depreciation, Amortization and Depletion		15	15	31	30
Metals inventory adjustments			5	0	18
Selling, general and administrative expenses		(52)	(56)	(116)	(130)
Mining exploration and research expenses		14	17	21	32
Environmental obligations and shutdown costs		32	11	37	36
Net gain on sales of assets		(3)		(3)	11
Operating income (loss)		(228)	(169)	(450)	(312)
Interest expense, net		128	92	258	186
Provision for (benefit from) income taxes		37	(28)	(29)	(22)
Total assets		5,334	2,579	5,334	2,579
Capital expenditures		15	9	20	20
Intersegment
Segment Reporting Information [Line Items]
Revenues		0	0	0	0
Intersegment \| North America
Segment Reporting Information [Line Items]
Revenues		1,742	952	3,048	1,928
Intersegment \| South America
Segment Reporting Information [Line Items]
Revenues		120	52	165	90
PT Smelting \| Affiliated Entity [Member]
Segment Reporting Information [Line Items]
Revenues		756	433	1,500	813
Morenci [Member] \| Operating Segments \| North America
Segment Reporting Information [Line Items]
Revenues		57	20	61	22
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31)		(351)	(348)	(620)	(697)
Cost, Depreciation, Amortization and Depletion		40	43	74	87
Metals inventory adjustments			0	0	4
Selling, general and administrative expenses		(1)	0	(1)	(1)
Mining exploration and research expenses		0	0	0	0
Environmental obligations and shutdown costs		1	0	1	0
Net gain on sales of assets		0		0	0
Operating income (loss)		385	76	650	122
Interest expense, net		0	1	0	2
Provision for (benefit from) income taxes		0	0	0	0
Total assets		2,635	2,697	2,635	2,697
Capital expenditures		22	27	32	71
Morenci [Member] \| Intersegment \| North America
Segment Reporting Information [Line Items]
Revenues		721	447	1,285	889
Other Mines North America Copper Mines Segment [Member] \| Operating Segments \| North America
Segment Reporting Information [Line Items]
Metals inventory adjustments			(89)		52
Other Individually Immaterial Operating Segments [Member] \| Operating Segments \| North America
Segment Reporting Information [Line Items]
Revenues		55	16	83	23
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31)		(574)	(439)	(1,054)	(950)
Cost, Depreciation, Amortization and Depletion		61	46	107	94
Metals inventory adjustments				0
Selling, general and administrative expenses		0	(1)	(1)	(1)
Mining exploration and research expenses		0	1	0	2
Environmental obligations and shutdown costs		0	0	0	0
Net gain on sales of assets		0		0	0
Operating income (loss)		441	123	684	(37)
Interest expense, net		0	0	0	0
Provision for (benefit from) income taxes		0	0	0	0
Total assets		5,288	5,198	5,288	5,198
Capital expenditures		47	121	63	261
Other Individually Immaterial Operating Segments [Member] \| Operating Segments \| South America
Segment Reporting Information [Line Items]
Revenues		188	106	363	204
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31)		(106)	(104)	(209)	(214)
Cost, Depreciation, Amortization and Depletion		12	14	24	29
Metals inventory adjustments			(57)	0	3
Selling, general and administrative expenses		0	0	0	0
Mining exploration and research expenses		0	0	0	0
Environmental obligations and shutdown costs		0	0	0	0
Net gain on sales of assets		0		0	0
Operating income (loss)		70	45	130	(42)
Interest expense, net		0	0	0	0
Provision for (benefit from) income taxes		17	16	38	(10)
Total assets		1,795	1,631	1,795	1,631
Capital expenditures		3	20	4	35
Other Individually Immaterial Operating Segments [Member] \| Intersegment \| North America
Segment Reporting Information [Line Items]
Revenues		1,021	505	1,763	1,039
Other Individually Immaterial Operating Segments [Member] \| Intersegment \| South America
Segment Reporting Information [Line Items]
Revenues		0	0	0	0
Cerro Verde [Member] \| Operating Segments \| South America
Segment Reporting Information [Line Items]
Revenues		825	471	1,742	847
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31)		(494)	(334)	(930)	(758)
Cost, Depreciation, Amortization and Depletion		82	88	171	181
Metals inventory adjustments			0	0	0
Selling, general and administrative expenses		(2)	(1)	(4)	(3)
Mining exploration and research expenses		0	0	0	0
Environmental obligations and shutdown costs		0	0	0	0
Net gain on sales of assets		0		0	0
Operating income (loss)		367	100	802	(5)
Interest expense, net		12	20	25	48
Provision for (benefit from) income taxes		145	29	318	(23)
Total assets		8,795	8,515	8,795	8,515
Capital expenditures		23	31	43	90
Labor and Related Expense		69			69
Cerro Verde [Member] \| Intersegment \| South America
Segment Reporting Information [Line Items]
Revenues		120	52	165	90
Grasberg Segment [Member]
Segment Reporting Information [Line Items]
Capital expenditures				624	634
Grasberg Segment [Member] \| Operating Segments \| Indonesia
Segment Reporting Information [Line Items]
Revenues		1,753	683	3,136	1,128
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31)		(528)	(378)	(983)	(721)
Cost, Depreciation, Amortization and Depletion		247	124	446	225
Metals inventory adjustments			0	0	0
Selling, general and administrative expenses		(27)	(28)	(53)	(56)
Mining exploration and research expenses		0	0	0	0
Environmental obligations and shutdown costs		0	0	0	0
Net gain on sales of assets		0		0	0
Operating income (loss)		1,007	188	1,762	161
Interest expense, net		6	1	7	2
Provision for (benefit from) income taxes		404	78	719	90
Total assets		18,461	16,848	18,461	16,848
Capital expenditures		314	308	624	634
Grasberg Segment [Member] \| Intersegment \| Indonesia
Segment Reporting Information [Line Items]
Revenues		56	35	108	35
Molybdenum
Segment Reporting Information [Line Items]
Capital expenditures				3	11
Molybdenum \| Operating Segments
Segment Reporting Information [Line Items]
Revenues		0	0	0	0
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31)		(56)	(61)	(113)	(127)
Cost, Depreciation, Amortization and Depletion		17	15	32	31
Metals inventory adjustments			1	1	5
Selling, general and administrative expenses		0	0	0	0
Mining exploration and research expenses		0	0	0	0
Environmental obligations and shutdown costs		0	0	0	0
Net gain on sales of assets		0		0	0
Operating income (loss)		16	(19)	13	(34)
Interest expense, net		0	0	0	0
Provision for (benefit from) income taxes		0	0	0	0
Total assets		1,740	1,777	1,740	1,777
Capital expenditures		2	4	3	11
Molybdenum \| Intersegment
Segment Reporting Information [Line Items]
Revenues		89	58	159	129
Rod and Refining Segment [Member] \| Operating Segments
Segment Reporting Information [Line Items]
Revenues		1,689	1,106	2,998	2,221
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31)		(1,691)	(1,138)	(3,007)	(2,257)
Cost, Depreciation, Amortization and Depletion		1	6	2	8
Metals inventory adjustments			1	0	1
Selling, general and administrative expenses		0	0	0	0
Mining exploration and research expenses		0	0	0	0
Environmental obligations and shutdown costs		0	0	0	1
Net gain on sales of assets		0		0	0
Operating income (loss)		3	(31)	2	(30)
Interest expense, net		0	0	0	0
Provision for (benefit from) income taxes		0	0	0	0
Total assets		271	259	271	259
Capital expenditures		0	2	1	4
Rod and Refining Segment [Member] \| Intersegment
Segment Reporting Information [Line Items]
Revenues		6	8	13	16
Atlantic Copper Smelting and Refining Segment [Member] \| Operating Segments
Segment Reporting Information [Line Items]
Revenues		794	464	1,481	893
Cost of Goods Sold, Excluding Depreciation, Depletion, and Amortization (Deprecated 2019-01-31)		(775)	(446)	(1,448)	(857)
Cost, Depreciation, Amortization and Depletion		8	7	15	14
Metals inventory adjustments			0	0	0
Selling, general and administrative expenses		(5)	(5)	(12)	(10)
Mining exploration and research expenses		0	0	0	0
Environmental obligations and shutdown costs		0	0	0	0
Net gain on sales of assets		0		0	0
Operating income (loss)		6	8	6	25
Interest expense, net		2	1	3	4
Provision for (benefit from) income taxes		0	1	0	1
Total assets		1,117	726	1,117	726
Capital expenditures		7	5	13	11
Atlantic Copper Smelting and Refining Segment [Member] \| Intersegment
Segment Reporting Information [Line Items]
Revenues		0	2	0	13
Corporate And Eliminations \| Intersegment
Segment Reporting Information [Line Items]
Revenues		(2,013)	(1,107)	$ (3,493)	(2,211)
Miami smelter \| Corporate And Eliminations
Segment Reporting Information [Line Items]
Cost, Maintenance		$ 19			87
Forward Contracts [Member]
Segment Reporting Information [Line Items]
Derivative financial instruments			$ 24		$ 24
Derivative, Forward Price \| $ / lb			2.34		2.34
Forward Contracts [Member] \| Designated as Hedging Instrument [Member]
Segment Reporting Information [Line Items]
Derivative, Nonmonetary Notional Amount, Mass \| lb	150		150		150